Bitcoin holds support at $43K as investors once again aim for $47K

Bitcoin price analysis for April 8, 2022, comes on a bearish note for investors as indicators show that bears have slowly regained control over the market. The crypto market correlates strongly with the world’s biggest cryptocurrency when it drops, and the market drops as well. Furthermore, as noted in our BTC price analysis for April 7, 2022, the token has not been able to push above the $47K price region, and the $43K price region also holds as support for now. 

The data from CoinMarketCap shows that the trading volume of the token dropped 35.64% in the last 24 hours, followed by a 1.00% jump in the market cap. Moreover, the Volume / Market Cap has a value of 0.02955, while the Market Dominance has dropped to 40.95%. 

The daily candle for the token opened at a price of $43.4K and reached a daily high of $43.6K. On the other hand, the daily low for Bitcoin stands at a price of $43.3K. The price of 1 Bitcoin at the time of writing is $43.5K. 

Bitcoin price analysis for April 8 on the daily chart

Bitcoin price analysis for April 8 will consider the data from the daily chart below, which includes the major indicators presented on the chart below.

Source: TradingView

The RSI indicator shows a value above 48 which means that the bears are currently in control, while the gradient of the line suggests that lower prices are possible in the coming days.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands, which means that the selling pressure has jumped by a huge amount. 

The MACD indicator for Bitcoin shows that the MACD histogram has turned bearish while we witnessed a bearish divergence on the daily chart as well, where the MACD line dropped below the signal line.

Conclusion

The Bitcoin price analysis for April 8, 2022, ends on a bearish note for the token as the chances of losing the $43K price region seem high.