Bitcoin shows sluggish movement: Retains $41K for now

Bitcoin price analysis for April 21, 2022, comes on a sluggish note for the world’s biggest cryptocurrency which has seen a price change of over 0.80% in the last 24 hours and now aims to breach higher price levels in the near future. Until the BTC token reclaims $42K, we cannot expect higher prices for the token. On the other hand, it will be interesting to see if BTC is able to breach the $45K price level as well. As confirmed in our BTC price analysis for April 20, 2022, the token has held support at $38K.

The data from CoinMarketCap shows that the trading volume of the token jumped 15.89% in the last 24 hours, followed by a 0.77% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.03587, while the Market Dominance has surged to 41.1%. 

The daily candle for the token opened at a price of $41.3K and reached a daily high of $41.7K. On the other hand, the daily low for Bitcoin stands at a price of $41.3K. The price of 1 Bitcoin at the time of writing is $41.6K. 

Bitcoin price analysis for April 21 on the daily chart

Bitcoin price analysis for April 21 will take into account the data from the indicators integrated into the daily chart below.

Source: TradingView

The RSI indicator reads a value below 49 which means that the bears are gradually losing control of the price action and we can expect higher prices in the coming days.

The MACD indicator shows that the MACD line is touching the signal line and we can expect a bullish divergence for Bitcoin which would lead to higher prices for the token.

The price action is situated in the lower end of the Bollinger Bands and now aims to retest the middle zone and break into the bullish zone of the Bands.

Conclusion

Bitcoin price analysis ends on a bullish note for the token with high chances of breaking into the $42K price zone.