Bitcoin fails to break above $39K: BTC breaks $37.5K support

Bitcoin price analysis for Feb 24, 2022, confirms that the token has turned bearish after it was unable to push through the important price resistance of $39K. Furthermore, the world’s biggest cryptocurrency acquired a bullish taste for Feb 23, as seen in our BTC price analysis for Feb 23. On the other hand, the prices also fell below the important support of $37.5K.

The data from CoinMarketCap shows that the trading volume of the token fell 7.30% in the last 24 hours followed by a 2.97% drop in the market cap in the last 24 hours. In the same duration, the prices for the token fell 2.74%. The Volume / Market Cap Ratio has a value of 0.03249 while the Market Dominance of the token rests at 41.75%.

The daily candle for Bitcoin opened at a price of $37.2K and reached a daily high of $37.4K. Moreover, the daily low for the token stands at a price of $36.6K. The price of 1 BTC at the time of writing is $36.9K.

Bitcoin price analysis on the daily chart for Feb 24

Bitcoin price analysis for Feb 24, 2022, confirms that the token has turned bearish, which can further be consolidated using 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line (blue) remains below the signal line (orange), which means that bearish are in control. The MACD histogram is also red with bearish red bars. 

The RSI line reads a value of 39.96 which means that the token has turned bearish, and chances of lower prices are definitely possible. The gradient of the line is also negative, indicating that selling pressure is high. 

The price action for Bitcoin is retesting the lower end of the Bollinger Bands, and it is possible that the token witnesses a bearish break out. 

Conclusion

Bitcoin price analysis for Feb 24 confirms that the token failed to break $39K and now might fall to $34K in the near future.