Bitcoin unable to push above $45K: Will BTC once again go below $40K?

Bitcoin price analysis for March 3, 2022, can be confirmed on a bearish note for the token, which was has dropped 2.03% in the last 24 hours. It is also to be noted that as per our BTC price analysis for March 2, the $45K price level is an important resistance for the world’s biggest cryptocurrency. Let’s dive deeper into this analysis with some factual data. 

The data from CoinMarketCap shows that the trading volume of the token has declined by 12.84% in the last 24 hours, followed by a 0.84% drop in the market cap, which stands at around $830 billion. The Volume / Market Cap has a value of 0.03369, while the Market Dominance if the token dropped to 43.26%. 

The daily candle for the token opened at a price of $43.8K and reached a daily high of $44K. Moreover, the daily low for the token stands at a price of $43.4K. It is to be noted that the support at $43K wasn’t broken, but if bears continue to remain in control, BTC might drop below $43K. The price of 1 Bitcoin at the time of writing is $43.5K.

Bitcoin price analysis on the daily chart for March 3

Bitcoin price analysis for March 3 on the daily chart completes a sluggish picture for the token, which has continuously failed to break the resistance of $45K.

Source: TradingView

The RSI indicator has a value of 58.21 which means that the bulls are in control. The gradient of the line is negative for today, which means lower prices will follow. 

The MACD indicator shows that the MACD line remains above the signal line, which means that higher prices will follow. 

The price action has jumped to the upper end of the Bollinger Bands, which means that soon, the prices might aim to break out of the upper region.

Conclusion

Bitcoin price analysis for March 3 is concluded on a sluggish note for BTC as it fails to break above $45K and tries to retain $43K.