Bitcoin price indicators say that sideways trend might continue

Bitcoin price analysis for March 15, 2022, shows that the world’s biggest cryptocurrency might be running out of fuel after all as the BTC bulls lose their grip over the price action. Moreover, as noted in our Bitcoin price analysis for March 14, 2022, the token has been running back and forth between the major resistance and support levels of $38.5K and $40K. In order to confirm an uptrend, the token needs to break above $53K. 

The data from CoinMarketCap shows that the trading volume of the token surged by 16.61% in the last 24 hours, followed by a 0.71% rise in the market cap which currently rests at $736 billion. The Volume / Market Cap has a value of 0.03251, while the Market Dominance dropped to 42.68%. 

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 $38.6K. The price of 1 Bitcoin at the time of writing is $38.7K which is nearly 50% low than the all-time high. 

Bitcoin price analysis on the daily chart for March 15

Bitcoin price analysis for March 15 will take into account the major indicators in the crypto space which will be laid out on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other but the latter remains above the former. This means that bears are in control. 

The RSI indicator reads a value of 46.81 which means that selling pressure is high as the gradient of the line is also negative for today meaning that lower prices will follow. 

The price action of Bitcoin failed to break above the middle zone of the Bollinger Bands which means that bears prevailed at last. 

Conclusion

Bitcoin price analysis confirms that the downtrend remains dominant as BTC bulls were unable to push above $40K resistance.