Bitcoin might lose the $47K price level as indicators cool down

Bitcoin price analysis for March 31, 2022, comes on a slightly sluggish note for the token as chances of BTC losing the $47K price level seems quite high. Moreover, there is the possibility that BTC bulls might once again make an attempt to break out into the $50K price region but the price trajectory has turned slightly sluggish for the world’s biggest crypto. As noted in our BTC price analysis for March 30, 2022, the bulls attempt to turn $47K into support.

The data from CoinMarketCap shows that the trading volume of the token dropped 14.30% in the last 24 hours, followed by a 0.48% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.03131, while the Market Dominance has dropped to 41.57%. 

The daily candle for the token opened at a price of $47k and reached a daily high of $47.4K. On the other hand, the daily low for Bitcoin stands at a price of $46.9K. The price of 1 Bitcoin at the time of writing is $47K. 

Bitcoin price analysis for March 31 on the daily chart

Bitcoin price analysis for March 31, 2022, will take into account the data from the chart below which includes 3 of the major indicators in the crypto space.

Source: TradingViewThe MACD indicator shows that the MACD line and the signal line are both far apart with the former line progressing above the latter line. Furthermore, the histogram is also bullish for the token.

The RSI indicator for Bitcoin shows a value of 68 which means that the bulls are completely dominating the price action. However, the gradient of the line for today shows that the chances of lower prices seem a bit high.

The price action is situated in the upper end of the Bollinger Bands as bulls are trying to form an uptrend for Bitcoin. 

Conclusion

Bitcoin price analysis for March 31, 2022, ends on a bullish note for the token as chances of losing $50K seem considerably higher as per indicators.