Bitcoin finds strong resistance at $40K: BTC trend reversal status

Bitcoin price analysis for Feb 28, 2022, can be confirmed on a sluggish as the volatility of the token has declined due to the presence of strong resistance at $40K. There are chances that the token might retest the previous support at $37.5K. Moreover, the BTC price analysis for Feb 25 reported that the volume for breaking the $40K price resistance is quite low.

The data from CoinMarketCap shows that the trading volume of the token has surged 38.30% in the last 24 hours, followed by a 1.20% drop in the market cap, which stands around $720 billion. The Volume / Market Cap has a value of 0.03291, while the Market Dominance if the token stands at 41.80%. 

The daily candle for the token opened at a price of $37.6K and reached a daily high of $38.4K. Moreover, the daily low for the token stands at a price of $37.4K. It is to be noted that the support at $37.4K has been held and wasn’t broken. The price of 1 Bitcoin at the time of writing is $37888.

Bitcoin price analysis for Feb 28 on the daily chart

As Feb ends, the world’s biggest cryptocurrency price analysis can be implemented using the three major indicators on the chart below.

Source: TradingView

The RSI line continues in the bearish region and reads a value of 41.82. This means that the bears are in control, and the chances of higher highs are low. 

The MACD indicator shows that the MACD line (blue) remains below the signal line (orange), which means that lower prices are possible in the near future. The MACD histogram is also red. 

The price action remains in the lower end of the Bands, which means that buying pressure is not defeating the sellers. 

Conclusion

Bitcoin price analysis for Feb 28, 2022, can be confirmed on a sluggish note as the token has failed to break above $40K.