Bitcoin fails to retain prices above $40K: $37.5K next?

Bitcoin price analysis for April 13, 2022, comes on a bearish note for the token as chances of breaking above the $40K price region remain low. In the past 24 hours, we saw BTC reclaim $40K but the token failed to hold prices above this region. On the other hand, following a surge in bearish pressure, the BTC token was once again seen at the $39K price region. Investors can expect a retracement towards $37.5K in the coming days for the world’s biggest cryptocurrency.

The data from CoinMarketCap shows that the trading volume of the token dropped 10.62% in the last 24 hours, followed by a 0.79% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0399, while the Market Dominance has dropped to 40.82%. 

The daily candle for the token opened at a price of $40K and reached a daily high of $40.1K. On the other hand, the daily low for Bitcoin stands at a price of $39.5K. The price of 1 Bitcoin at the time of writing is $39.8K. 

Bitcoin price analysis for April 13 on the daily chart

Bitcoin price analysis for April 13 will take into account the data from the daily chart below which has 3 major indicators integrated into the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very much far apart and the histogram has also turned heavily bearish. 

The RSI indicator reads a value below 38 which means that the bears are in control of the entire price action and the gradient of the line confirms that lower prices might follow for Bitcoin.

The price action has broken out from the lower end of the Bollinger Bands which confirms that BTC might continue to drop in the near future. 

Conclusion

The Bitcoin price analysis for April 13, 2022, ends on a bearish note for the token as chances of regaining $40K seems quite low.