Bitcoin reclaims $46K and investors should look out if prices hold above this

Bitcoin price analysis for March 28, 2022, confirms that the chances of the world’s biggest cryptocurrency turning bearish seem low as the bulls have taken control of the entire market. Moreover, it seems that the token has finally reclaimed the $46K price level which was witnessed in our Bitcoin price analysis for March 25, 2022. We can hope that BTC will make a move to break out of the $51K price region soon. 

The data from CoinMarketCap shows that the trading volume of the token surged 71.99% in the last 24 hours, followed by a 4.67% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.0343, while the Market Dominance has risen slightly to 42.30%. 

The daily candle for the token opened at a price of $46.8K and reached a daily high of $47.6K. On the other hand, the daily low for Bitcoin stands at a price of $46.6K. The price of 1 Bitcoin at the time of writing is $46.8K. 

Bitcoin price analysis for March 28 on the daily chart

Bitcoin price analysis for March 28 will take into consideration the following indicators on the daily chart:

Source: TradingView

The price action has broken out from the upper end of the Bollinger Bands which means that the chances of Bitcoin breaking above the $51K price region remain high. The token has also broken into an uptrend.

The RSI indicator shows a value of 68.77 which means that the token is currently in great demand and it is reaching the overbought price levels. The gradient of the line suggests that higher prices are possible,

The MACD line remains above the signal line which means that the continuation of the uptrend might result in a new all-time high for Bitcoin

Conclusion

Bitcoin price analysis for March 28, 2022, ends on a bullish note for the token as chances of BTC breaking $51K resistance remain high.