Bitcoin retains $40K support as BTC failed to reclaim $42K price level

Bitcoin price analysis for March 18, 2022, comes on a bearish note for the token as it has failed to break into the $42K price region. It is also important to note that the chances of BTC breaking above $42.5K are quite low as trading volume has died down. Moreover, the Bitcoin price analysis for March 17 confirmed that $42.5K is another resistance zone for the king of cryptocurrencies. Moreover, BTC has been bearish since the mid-November sell-off.

The data from CoinMarketCap shows that the trading volume of the token dropped 27.47% in the last 24 hours, followed by a 0.92% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.03213, while the Market Dominance has dropped to 42.44%. 

The daily candle for the token opened at a price of $40.91K and reached a daily high of $40.933K. On the other hand, the daily low for Bitcoin stands at a price of $40.2K. The price of 1 Bitcoin at the time of writing is $40.7K. 

Bitcoin price analysis on the daily chart for March 18

Bitcoin price analysis for March 18 brings a bearish analysis for the token which has failed to breach $42K and it is imperative that $40K holds as support.

Source: TradingView

The MACD indicator shows that the MACD line broke above the signal line which confirms a bullish divergence hinting that higher prices might follow.

The RSI indicator shows a value of 52.36 which means that the bulls are fighting back but the $42.5K resistance is also holding strong. The gradient of the line suggests lower prices are possible.

The price action for Bitcoin is testing the middle zone of the Bollinger Bands and chances of the token breaking to the bearish region are also quite high.

Conclusion

Bitcoin price analysis for March 18 comes on a bearish note for the token as the chances of losing $40K are quite high.