Bitcoin reattempts to consolidate above $43K but fails, indicators remain bullish

Bitcoin price analysis for March 24, 2022, comes on a bullish note for the token as the BTC token was successful to breach $43K but failed to consolidate above the price zone. It is important to note that $42.5K was another sticky area for the price action which was reclaimed and it is important to stay above this and make its way towards $45K resistance to form an uptrend. As noted in our BTC price analysis for March 23, the accumulation of BTC is on the rise.

The data from CoinMarketCap shows that the trading volume of the token dropped 7.21% in the last 24 hours, followed by a 2.2% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.03179, while the Market Dominance has dropped to 41.87%. 

The daily candle for the token opened at a price of $42.8K and reached a daily high of $43.2K. On the other hand, the daily low for Bitcoin stands at a price of $42.6K. The price of 1 Bitcoin at the time of writing is $42.9K. 

Bitcoin price analysis for March 24 on the daily chart

Bitcoin price analysis for March 24 begins on a bullish note for the token via the readings from 3 of the major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line is progressing above the signal line as the MACD histogram is also bullish with green bars on the daily chart.

The RSI indicator reads a value of 58.24 which means that the chances of the token remaining bullish are very high. The gradient of the line suggests that higher prices are possible.

The price action for Bitcoin aims to break out of the upper end of the Bollinger Bands which will only happen if BTC breaches $43K.

Conclusion

Bitcoin price analysis for March 24, 2022, ends on a bullish note for the token but, it is imperative that prices remain above $42.5K.