Bitcoin stuck between $40K-$42K as investors predict bearish price action

Bitcoin price analysis for March 22, 2022, comes on a sluggish note for the king of cryptocurrencies as the token remains in a struggle between the $40K and $42.5K price levels. There are chances that we might see BTC retest $39K and it seems that 2022 would be a very boring year for crypto enthusiasts and investors. As noted in our Bitcoin price analysis for March 21, the $40K support has held for now.

The data from CoinMarketCap shows that the trading volume of the token surged 25.31% in the last 24 hours, followed by a 0.17% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.03164, while the Market Dominance has dropped to 41.77%. 

The daily candle for the token opened at a price of $41K and reached a daily high of $41.8K. On the other hand, the daily low for Bitcoin stands at a price of $40.8K. The price of 1 Bitcoin at the time of writing is $41.8K. 

Bitcoin price analysis for March 22 on the daily chart

Bitcoin price analysis for March 22 brings a sluggish analysis for the world’s biggest cryptocurrency based on the readings from the indicators below.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line but the 2 lines are getting closer and hence, chances of a bearish divergence seem quite high.

The RSI indicator shows a value above 50 which means that the bulls are in action and selling pressure is dominating. Furthermore, the chances of Bitcoin achieving higher prices today are high as the gradient of the line is positive. 

The price action for BTC is situated in the upper end of the Bollinger Bands and unless BTC loses $40K, we will see the token in the bullish zone. 

Conclusion

Bitcoin price analysis for March 22 confirms that the $40K price level will hold as support as indicators are hinting at a breakout above $42K.