Bitcoin price analysis for Feb 18, 2022, confirms that the token failed to break $45K once again, as seen in our BTC price analysis for Feb 17, 2022. As a result, the token fell below the price support between $41K and $43K. It is very important for the token to break above $45K; else, we can see a move towards $37.5K in the near future.
The data from CoinMarketCap shows that the trading volume of the token surged 41.30% in the last 24 hours, followed by a 7.51% drop in the market cap. Moreover, the Market Dominance of the token fell to 41.63%, while the Volume / Market Cap Ratio currently reads 0.03552.
The daily candle for the token opened at a price of $40,515 and reached a daily high of $40,950. Furthermore, the daily low for the token stands at a price of $40,300. At the time of writing, the price of 1 BTC is equal to $40,737. The previous support of $41K has now turned into a resistance.
Bitcoin price analysis for Feb 18, 2022, on the daily chart
The Bitcoin price analysis for Feb 18, 2022, will be using a few important indicators to predict the future price trajectory for the token.
The RSI levels indicate that Bitcoin has now entered the bearish region and reads a value of 46.33. It is also important to note that the gradient of the line is negative on the whole with a small positive portion too. Bulls cannot overpower the bears as of now.
The MACD indicator shows that the MACD line (blue) is touching the signal line (orange), and if BTC falls below $40K, we will see a bearish divergence which will cause a bearish drop in the prices. The MACD histogram is filled with green bars.
The price action has dropped to the bearish zone of the Bollinger Bands, indicating that selling pressure is very high.
Bitcoin price analysis for Feb 18, 2022, shows that if the token doesn’t reclaim $43K soon, there are strong chances of BTC falling below $40K.