Bitcoin nears the $45K resistance: BTC bulls need a strong push

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Bitcoin price analysis for March 2 comes on a bullish note for the token, which has surged more than 2% in the last 24 hours. It is also important to note that the nearest resistance for the token is $45K, with important support at $43K, as noted in our BTC price analysis for March 1. The chances for BTC breaking above $45K are not very high for today as volume has declined. 

The data from CoinMarketCap shows that the trading volume of the token has declined by 13.79% in the last 24 hours, followed by a 2.7% rise in the market cap, which stands at around $839 billion. The Volume / Market Cap has a value of 0.03822, while the Market Dominance if the token stands shot up to 43.28%. 

The daily candle for the token opened at a price of $44.4K and reached a daily high of $44.7K. Moreover, the daily low for the token stands at a price of $43.8K. It is to be noted that the support at $43K wasn’t broken, and prices remained above it. The price of 1 Bitcoin at the time of writing is $44.2K.

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Bitcoin price analysis on the daily chart for March 2

Bitcoin price analysis for March 2 on the daily chart completes a bullish trajectory for the token as it aims to break the resistance of $45K.

Source: TradingView

The MACD line has broken above the signal line for Bitcoin, which means that we witnessed a bullish divergence and higher prices are possible. 

The RSI reads a value of 60 which means bulls are in charge, but the gradient is negative for today. Prices to remain sluggish.

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The price action is the sitauted in the upper end of the Bollinger Bands for Bitcoin, which means buying pressure is high. 

Conclusion

The Bitcoin price analysis for March 2 is concluded on a sluggish note because BTC has failed to break above $45K, an important resistance.

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