Bitcoin remains below $42K support: A make-it or break-it situation for BTC

Bitcoin price analysis for March 10, 2022, confirms that the world’s biggest cryptocurrency has turned bullish following a huge surge in buying pressure and chances are that we might see BTC make a move towards $45K in the near future. Moreover, it is also important to note that the token has been continuously rejected at the $45K price level and it seems that a bullish outburst might follow in the near future. We saw a sudden surge in the trading volume of BTC as noted in our BTC analysis for March 9, 2022.

The data from CoinMarketCap shows that the trading volume of the token has shot up by around 26.25% in the last 24 hours, followed by a 7.35% surge in the market cap of the token, which stands at $795 billion. The Volume / Market Cap has a value of 0.0407, while the Market Dominance has surged to 43.23%. 

The daily candle for the token opened at a price of $41.9K and reached a daily high of $42K. Moreover, the daily low for the token stands at a price of $41.3K. The price of 1 Bitcoin at the time of writing is $41.38K.

Bitcoin price analysis on the daily chart for March 10

Bitcoin price analysis for March 10 will use 3 major indicators on the daily chart which are capable of pointing out the future price trajectory for BTC.

Source: TradingView

The MACD indicator for Bitcoin on the daily chart confirms a bullish divergence as the MACD line has broken above the signal line. 

The RSI line has also jumped in the bullish zone and the value of the RSI reads 51.51. The gradient is slightly negative for today, lower prices might be seen. 

The price action is situated in the upper end of the Bollinger Bands which means that Bitcoin once again attempts to move past the $43K price level.

Conclusion

Bitcoin price analysis for March 10 confirms a bullish trajectory being followed by BTC but nothing can be confirmed unless BTC breaks $46K.