Bitcoin remains below the $39K price level: Retest of $37.5K seems likely

Bitcoin price analysis for March 7 brings a bearish analysis for investors as the world’s biggest crypto token has fallen below the important price level of $40K after the token failed to break above $45K, as seen in our BTC price analysis for March 7, 2022. The chances of BTC dropping below $37.5K are high in the near future. 

The data from CoinMarketCap shows that the trading volume of the token has shot up by nearly 26.55% in the last 24 hours, followed by a 2.91% drop in the market cap of the token, which stands at $729 billion. The Volume / Market Cap has a value of 0.02845, while the Market Dominance has dropped to 42.43%. 

The daily candle for the token opened at a price of $38.4K and reached a daily high of $38.5K. Moreover, the daily low for the token stands at a price of $38K. If selling pressure continues to dominate, BTC might drop to $37.5K. The price of 1 Bitcoin at the time of writing is $38.5K.

Bitcoin price analysis on the daily chart for March 7

Bitcoin price analysis for March 7 on the daily chart confirms that BTC might remain bearish for the following week as well as the sell-off continues to drop BTC prices. 

Source: TradingView

The MACD indicator shows that the signal line has broken below the MACD line, which means that the situation is bearish. 

The RSI line has a value of 44.15 which means that the bears are in control as the gradient of the line indicates a sluggish movement.

The price action is situated in the lower end of the Bollinger Bands, which means that the selling pressure is defeating the buyers, and chances of a bearish breakout are high.

Conclusion

The Bitcoin price analysis on the daily chart can be concluded on a bearish note as chances of BTC revisiting the $37.5K are very high.