Bitcoin struggles to maintain $38,600 price level: Bears in control

Bitcoin price analysis for April 30, 2022, comes on a bearish note for the token as the world’s biggest cryptocurrency has failed to break into the $40K price region and it seems that the downtrend for the token continues. It can be expected that BTC might fall down as low as $37.5K which is another major area of support. Furthermore, as noted in our BTC price analysis for April 29, 2022, the token lost minor support created at $40,000 and as a result, fell below $39,000.

The data from CoinMarketCap shows that the trading volume of the token drooped 12.71% in the last 24 hours, followed by a 1.99% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04064, while the Market Dominance has surged to 41.76%. 

The daily candle for the token opened at a price of $38.59K and reached a daily high of $38.7K. On the other hand, the daily low for Bitcoin stands at a price of $38.55K. The price of 1 Bitcoin at the time of writing is $38.6K. 

Bitcoin price analysis for April 30 on the daily chart

Bitcoin price analysis for April 30, 2022, will take into account the data from the daily chart below which consists of a few of the biggest indicators in the TA space.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and the latter in dominating the former indicating that bears are in control.

The RSI indicator reads a value below 41 which means that the buyer demand for Bitcoin is decreasing gradually. 

The price action for Bitcoin failed a retest of the middle zone of the Bollinger Bands and is now aiming for a bearish breakout out of the Bands.

Conclusion

Bitcoin price analysis for April 30, 2022, confirms that the token might see a continued downtrend in the near future.