Bitcoin has a sticky area at $41.5K: BTC at $39K still in play?

Bitcoin price analysis for March 17, 2022, confirms that the world’s biggest cryptocurrency might not retain prices above $41K despite the bullish sentiment that we have seen in the last 24 hours. It seems that despite things being fundamentally wrong for the cryptocurrency, the market remains in a bearish mood. It is also important to note that the BTC price analysis from March 16 showed a sudden bullish momentum for the token.

The data from CoinMarketCap shows that the trading volume of the token jumped 27.74% in the last 24 hours, followed by a 0.70% increase in the market cap which currently remains below $800 billion. The Volume / Market Cap has a value of 0.04692, while the Market Dominance has risen to 42.75%. 

The daily candle for the token opened at a price of $39.6K and reached a daily high of $39.8K. On the other hand, the daily low for Bitcoin stands at a price of $38.6K. The price of 1 Bitcoin at the time of writing is $38.7K which is nearly 50% low than the all-time high. 

Bitcoin price analysis on the daily chart for March 17

Bitcoin price analysis for March 17 will consider 3 major indicators on the daily chart which have been used since the beginning of the technical analysis field.

Source: TradingView

Bitcoin RSI shows a value of 53.25 which means that the bulls regained control and the RSI line started making higher highs.

The MACD indicator shows that the MACD histogram has turned bullish after the MACD line and the signal line intersected and the former broke above the latter confirming a bullish divergence.

The price action has broken above the middle zone of the Bollinger Bands which means that a retest of the middle zone is quite possible in the near future.

Conclusion

The chances of Bitcoin turning bullish seem low because another resistance at $41.5K has been found and BTC might once again drop to $39K.