Bitcoin loses $40K as chances of retracement towards $37.5K seem quite high

Bitcoin price analysis for April 18, 2022, comes on a bearish note for the token as the world’s biggest cryptocurrency has lost the important price zone of $40K. Furthermore, investors can expect a retracement towards $37.5K in the near future as well. Moreover, BTC has been following a bullish trajectory in recent days. BTC is still stuck in a downtrend as can clearly see that the token is more than 40% low from its all-time high of $69K which was noted in November 2021.  

The data from CoinMarketCap shows that the trading volume of the token surged 19.61% in the last 24 hours, followed by a 1.03% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.02647, while the Market Dominance has surged to 40.88%. 

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 $39.5K. The price of 1 Bitcoin at the time of writing is $39.76K. 

Bitcoin price analysis for April 18 on the daily chart

Bitcoin price analysis for April 18 will take into account the data from the indicators integrated into the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line and the bears are currently in control of the price action for Bitcoin. 

The RSI indicator reads a value below 40 which confirms that the bears are currently in control while the gradient of the line suggests that sluggish prices will remain. 

BTC price analysis showed us that the token is situated in the lower end of the Bollinger Bands and chances of a bearish breakout are possible. 

Conclusion

Bitcoin price analysis for April 18, 2022, ends on a bearish note for the token as chances of a retracement towards $37.5K are possible.