Bitcoin fails to hold above $40K once again: Price drop to come

Bitcoin price analysis for April 29, 2022, comes on a bearish note for the token as it has dropped once again below the $40K price region after reclaiming it for a small duration. It seems that we might see a similar movement until BTC reclaims $42K in the coming days. Furthermore, the uncertainty in the price action for the cryptocurrency continues as neither the bulls nor the bears are in control. As noted in our BTC price analysis for April 28, 2022, the token has a strong resistance around the $41K-$43K price region. 

The data from CoinMarketCap shows that the trading volume of the token jumped 9.57% in the last 24 hours, followed by a 0.24% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04523, while the Market Dominance has surged to 41.53%. 

The daily candle for the token opened at a price of $39.7K and reached a daily high of $39.9K. On the other hand, the daily low for Bitcoin stands at a price of $39.K. The price of 1 Bitcoin at the time of writing is $39.5K. 

Bitcoin price analysis for April 29 on the daily chart

Bitcoin price analysis for April 29, 2022, shows that the world’s biggest cryptocurrency might have to deal with a minor downtrend as compared to the past few years’ uptrends.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each to each other, with increased chances of bullish divergence. 

The RSI indicator reads a value below 44 while the gradient of the line is slightly negative which confirms that Bitcoin might see lower prices in the coming days. 

The price action for Bitcoin failed a retest of the middle zone of the Bollinger Bands, and we can expect a minor downtrend for the price action.

Conclusion

Bitcoin price analysis for April 29, 2022, ends on a bearish note for the token with increased chances of losing $40K.