Bitcoin fails to hold above $40,000: Drops to $38,000

Bitcoin price analysis for April 27, 2022, ends on a bearish note for BTC as chances of losing $37.5K as support seem considerable.
Bitcoin price analysis for April 27, 2022, ends on a bearish note for BTC as chances of losing $37.5K as support seem considerable.

Bitcoin price analysis for April 27, 2022, comes on a bearish note for the BTC token as in the last 24 hours, investors have witnessed a price drop of over 5.2%. It seems that if the bulls don’t take over the price action, we might see BTC break below $37.5K, which is very major support for the price action. The Bitcoin price analysis for April 26, 2022, noted that BTC turned bullish after touching $38K and broke above $40K. However, unable to hold prices above this region, the token was once again below $39K.

The data from CoinMarketCap shows that the trading volume of the token jumped 3.79% in the last 24 hours, followed by a 5.25% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04879, while the Market Dominance has dropped to 41.23%. 

The daily candle for the token opened at a price of $38.1K and reached a daily high of $38.4K. On the other hand, the daily low for Bitcoin stands at a price of $37.8K. The price of 1 Bitcoin at the time of writing is $38.3K. 

Bitcoin price analysis for April 27 on the daily chart

Bitcoin price analysis for April 27 will take into account the data from the indicators integrated into the daily chart below. 

Bitcoin price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving apart from each other as the signal line remains above the former.

Moreover, The RSI indicator reads a value below 39 which confirms that the bears are once again back in action, and chances of lower prices remain high.

The price action for Bitcoin failed a retest of the middle zone of the Bollinger Bands and hence, dropped down to the $38K price region.

Conclusion

Bitcoin price analysis for April 27, 2022, ends on a bearish note for BTC as chances of losing $37.5K as support seem considerable.

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