Bitcoin rebounds from $37,700 price support: $40K next?

Bitcoin price analysis for May 1, 2022, comes on a bearish note for the token as April was a disappointing month for crypto investors. Moreover, as noted in our BTC price analysis for April 30, 2022, the token had seen a bearish fall towards the $38K price region, and the previous support region of $39k-$40k remains a strong resistance for the token. Unless Bitcoin reclaims its previous Moving Averages and aims to create an uptrend for the token by reclaiming $42K, we can expect BTC to drop as low as $34K.

The data from CoinMarketCap shows that the trading volume of the token drooped 9.51% in the last 24 hours, followed by a 1.69% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.03693, while the Market Dominance has surged to 42.19%. 

The daily candle for the token opened at a price of $37.6K and reached a daily high of $38.1K. On the other hand, the daily low for Bitcoin stands at a price of $37.3K. The price of 1 Bitcoin at the time of writing is $38.1K. 

Bitcoin price analysis for May 1 on the daily chart

Bitcoin price analysis for May 1, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line which means that lower prices will follow in the near future. 

The RSI indicator reads a value below 40 which confirms that the bears are once again in control of the price action and the gradient of the line shows that slightly higher prices might be possible. 

The price action for Bitcoin aims to retest the lower zone of the Bollinger Bands which means that a bearish breakout is certainly possible. 

Conclusion

Bitcoin price analysis for May 1, 2022, ends on a bearish note for the token with increased chances of losing $37K.