Bitcoin makes a third daily bullish candle: $50K next?

Bitcoin price analysis for April 5, 2022, comes on a bullish note for the token as chances of breaking above the $50K price region for the token seem high for the near future. It is important to note that the $45K price region is holding as strong support for the token as chances of BTC reclaiming $50K remain high. On the other hand, the Bitcoin price analysis for April 4 noted that the indicators for the token are turning bearish.

The data from CoinMarketCap shows that the trading volume of the token jumped 17.57% in the last 24 hours, followed by a 1.73% jump in the market cap. Moreover, the Volume / Market Cap has a value of 0.03512, while the Market Dominance has risen to 40.93%. 

The daily candle for the token opened at a price of $46.5K and reached a daily high of $46.6K. On the other hand, the daily low for Bitcoin stands at a price of $46.4K. The price of 1 Bitcoin at the time of writing is $46.68K. 

Bitcoin price analysis for April 5 on the daily chart

Bitcoin price analysis for April 5 will consider the data from the chart below consisting of all the major indicators that will help us predict the price trajectory of BTC in the coming days.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and another drop for Bitcoin might lead to a bearish divergence. 

The RSI indicator reads a value of 62 which means that the token is still very bullish as the chances of breaking $47K remain high. 

The price action is situated in the upper end of the Bollinger Bands which means that bulls are overall in control of the price action for BTC. 

Conclusion

Bitcoin price analysis for April 5 confirms that BTC might break above $47K but indicators show that holding above this region is the crucial issue.