Bitcoin moves back-and-forth as bulls targest these price levels

Bitcoin price analysis for May 4, 2022, comes on a bearish note for BTC which has seen a price drop of over 1.25% in the last 24 hours and investors can expect further low prices in the coming days. As noted in our BTC price analysis for May 3, 2022, the world’s biggest cryptocurrency attempted to break into the $39K price region but wasn’t successful in that attempt. As a result, a back-and-forth movement for the token can be witnessed on the daily chart as chances of losing $38K as support seem considerable.

The data from CoinMarketCap shows that the trading volume of the token dropped 16.13% in the last 24 hours, followed by a 1.32% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.03759, while the Market Dominance rests at 42.12%. 

The daily candle for the token opened at a price of $37.7K and reached a daily high of $38.1K. On the other hand, the daily low for Bitcoin stands at a price of $37.6K. The price of 1 Bitcoin at the time of writing is $38K. 

Bitcoin price analysis for May 4 on the daily chart

Bitcoin price analysis for May 4, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line while the signal line continues to dominate. The chances of a bullish divergence remain considerable.

The RSI indicator reads a value below 41 which confirms that the chances of Bitcoin continuing this downtrend are high as the gradient of the line suggests sluggish movement.

The price action for Bitcoin is situated in the lower zone of the Bollinger Bands and investors can expect a bearish breakout soon.

Conclusion

Bitcoin price analysis for May 4, 2022, ends on a sluggish note for BTC as the back-and-forth movement continues.