Bitcoin remains sluggish above $37.5K support: What to expect from BTC?

Bitcoin price analysis for March 8, 2022, confirms that the world’s biggest crypto token has remained sluggish as the prices remain sluggish at a price level of $38K. The nearest support for the token stands at a price of $37.5K which means that the chances of BTC breaking into $40K are not very high. As predicted in our BTC price analysis for March 7, the $37.5K support was retested successfully.

The data from CoinMarketCap shows that the trading volume of the token has increased by a percentage of 38.05% in the last 24 hours, followed by a 0.24% drop in the market cap of the token, which stands at $728 billion. The Volume / Market Cap has a value of 0.03941, while the Market Dominance has dropped to 42.34%. 

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 8

Bitcoin price analysis for March 8 on the daily chart confirms that the BTC token won’t be able to break above the $40K resistance if such a situation remains.

Source: TradingView

The MACD indicator confirms that the MACD line has broken below the signal sparking a bullish divergence. 

The RSI line reads a value of 44.44 which means that the bears are in control. Moreover, the gradient of the line is negative which means that lower prices are possible in the near future.

The price action has dropped to the lower end of the Bollinger Bands which means that the bears will make an attempt of a bearish breakout and support of Bitcoin at $37.5K might be lost. 

Conclusion

Bitcoin price analysis for March 8 confirms that the token doesn’t have what it takes to breach $40K and another retest of $37.5K is possible.