Bitcoin drops nearly 3% as chances of losing $40K seem high

Bitcoin price analysis for April 22, 2022, comes on a bearish note the token as it dropped nearly 3% in the last 24 hours. Moreover, the chances of BTC reclaiming the $42K price region once again seem quite low because the bulls are currently being slain by the bears. On the other hand, it is also important to note that the nearest support for BTC is $40K which needs to hold, or else we might see another retest of $38K. The data from our Bitcoin price analysis for April 21, 2022, showed that BTC had major resistance at $42K, which it broke through but failed to consolidate above.

The data from CoinMarketCap shows that the trading volume of the token jumped 28.13% in the last 24 hours, followed by a 2.71% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04722, while the Market Dominance has surged to 41.09%. 

The daily candle for the token opened at a price of $40.4K and reached a daily high of $40.6K. On the other hand, the daily low for Bitcoin stands at a price of $40.2K. The price of 1 Bitcoin at the time of writing is $40.5K. 

Bitcoin price analysis for April 22 on the daily chart

Bitcoin price analysis for April 22 will take into account the data from the indicators integrated into the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line, confirming that the bears are in charge of the price action. 

The RSI indicator reads a value below 44 which means that the chances of Bitcoin aiming for higher price levels seem quite low. 

The price action is situated in the lower end of the Bollinger Bands, and chances of a bearish breakout seem considerable.

Conclusion

Bitcoin price analysis for April 22, 2022, ends on a bullish note for the token with high chances of breaking below the $40K price zone.