Bitcoin falls to $41K: Will BTC once again go below $40K?

Bitcoin price analysis for March 4, 2022, comes with a bearish analysis for investors as the world’s biggest cryptocurrency fell back to the $41K price level. It is important to note that the BTC token tried to reclaim the important price resistance of $45K that it hasn’t been able to break for a number of days, as noted in our Bitcoin price analysis for March 3, 2022.

The data from CoinMarketCap shows that the trading volume of the token has dropped by nearly 3.65% in the last 24 hours, followed by a 5.32% drop in the market cap of the token, which is currently $786 billion. The Volume / Market Cap has a value of 0.03449, while the Market Dominance has dropped to 42.99%. 

The daily candle for the token opened at a price of $42.4K and reached a daily high of $42.5K. Moreover, the daily low for the token stands at a price of $41K. It is to be noted that the support at $41K wasn’t broken, but if bears continue to remain in control, BTC might drop below $40K. The price of 1 Bitcoin at the time of writing is $41.5K.

Bitcoin price analysis on the daily chart for March 4

Bitcoin price analysis for March 4 on the daily chart shows that the token has turned bearish.

Source: TradingView

The MACD indicator shows that the MACD line continues to progress above the signal line, which means that the bulls are still in control. 

The RSI indicator shows a value of 51.7, and the gradient of the line is still negative, which means that lower prices are possible. 

The price action broke into the bullish region of the bands, but it is now retesting the middle zone of the Bollinger Bands and trying to enter the bearish region.

Conclusion

Bitcoin price analysis is bearish for today, but if the $41K price support remains strong, we might see a move towards $45K once more.