Bitcoin rebounds from $38K: Back above $40K

Bitcoin price analysis for April 19, 2022, comes on a slightly bullish note for the token which was able to rebound from the $38K price zone and is now back above the $40K price level which confirms that the bulls have taken up arms against the bears. We can expect that $40K might be turning into a minor support for the token as investors gear up for $42K in the near future. As noted in our BTC price analysis for April 19, 2022, the token is nearly 40% low from its all-time high of $69K which was noted in November 2021.

The data from CoinMarketCap shows that the trading volume of the token surged 19.61% in the last 24 hours, followed by a 1.03% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.02647, while the Market Dominance has surged to 40.88%. 

The daily candle for the token opened at a price of $40.8K and reached a daily high of $41.2K. On the other hand, the daily low for Bitcoin stands at a price of $40.6K. The price of 1 Bitcoin at the time of writing is $40.6K. 

Bitcoin price analysis for April 19 on the daily chart

Bitcoin price analysis for April 19 will take into account the data from the indicators integrated into the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line confirming that the bears are overall in control of the price action.

The RSI indicator reads a value below 44 which confirms that the chances of losing $40K as support might be considerable for Bitcoin.

The price action is situated in the lower end of the Bollinger Bands which further confirms that a bearish breakout can be witnessed.

Conclusion

Bitcoin price analysis for April 19, 2022, ends on a slightly bullish note for BTC as indicators are still bearish.