Bitcoin rebounds after touching $44K as price action remains sluggish

Bitcoin price analysis for April 6, 2022, confirms that the token has rebounded successfully after dropping as low as $44K in the last 24 hours. It is also important to note that the world’s biggest cryptocurrency saw a huge surge in prices in the past few weeks but following a surge in bearish pressure, the token’s entry to $50K has been delayed. The Bitcoin price analysis for April 5, 2022, ended on a bearish note for the token as well. 

The data from CoinMarketCap shows that the trading volume of the token jumped 8.92% in the last 24 hours, followed by a 3.07% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.03925, while the Market Dominance has risen to 41.23%. 

The daily candle for the token opened at a price of $45.4K and reached a daily high of $45.5K. On the other hand, the daily low for Bitcoin stands at a price of $44.4K. The price of 1 Bitcoin at the time of writing is $45.3K. 

Bitcoin price analysis for April 6 on the daily chart

Bitcoin price analysis for April 6 will consider the data from the daily chart below which has 3 of the biggest indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and we have witnessed a bearish divergence on the daily chart as the MACD histogram turns bearish. 

The RSI indicator shows a value above the 56 levels which means that the bulls are gradually losing ground. The gradient of the line suggests that lower prices are possible for Bitcoin.

The price action is now dropping to the lower zone of the Bollinger Bands which further suggests bearishness for Bitcoin. 

Conclusion

Bitcoin price analysis for April 6, 2022, ends on a bearish note for the token as the $44K price level might not hold as support for long.