Bitcoin forms second bullish candle: Volume not enough to break $40K

Bitcoin price analysis for March 9, 2022, confirms that BTC might fail to break above $40K as trading volume has declined.
Bitcoin price analysis for March 9, 2022, confirms that BTC might fail to break above $40K as trading volume has declined.

Bitcoin price analysis for March 9, 2022, confirms that the token has turned bullish forming a second bullish daily candle on the daily chart. Does this mean that a trend reversal is coming? Well, TheCoinRise doesn’t think so! It is important to note that the chances of BTC reclaiming the $40K price level are very low because the volume remains low. However, a slight surge in bullish volume might do the trick following a successful retest of $37.5K in the near future.

The data from CoinMarketCap shows that the trading volume of the token has declined by around 10% in the last 24 hours, followed by a 1.96% drop in the market cap of the token, which stands at $742 billion. The Volume / Market Cap has a value of 0.0348, while the Market Dominance has dropped to 42.31%. 

The daily candle for the token opened at a price of $38.7K and reached a daily high of $39.3K. Moreover, the daily low for the token stands at a price of $38.6K. The price of 1 Bitcoin at the time of writing is $39.1K.

Bitcoin price analysis on the daily chart for March 9

Bitcoin price analysis for March 9 on the daily chart confirms that there is a chance that BTC won’t be able to break above the $40K resistance if trading volume continues to decline.

Bitcoin price analysis
Source: TradingView

The MACD indicator shows that the MACD line has broken below the signal line which means that the bears are in control of the price action.

The RSI indicator shows a reading of 46.72 and the gradient of the line is slightly positive which means that Bitcoin might try to reach higher prices today.

The price action now tries to break out into the bullish zone of the Bollinger Bands as witnessed on the chart above.

Conclusion

Bitcoin price analysis for March 9, 2022, confirms that BTC might fail to break above $40K as trading volume has declined.

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