Buyers push Bitcoin from $37.5K support region as BTC is once again above $39K

Bitcoin price analysis for March 16, 2022, comes riding on a bearish note for the token as the chances of BTC breaking $40K seems further low. However, the buyers were able to push the prices of BTC above $37.5K which is a strong level of support for the token. On the other hand, it was noted in our Bitcoin price analysis for March 15 that the chances of the continuation of a sideways trend are quite high.

The data from CoinMarketCap shows that the trading volume of the token declined by 2.27% in the last 24 hours, followed by a 0.52% drop in the market cap which currently has a value of $746 billion. The Volume / Market Cap has a value of 0.03191, while the Market Dominance has risen to 42.69%. 

The daily candle for the token opened at a price of $39.6K and reached a daily high of $39.8K. On the other hand, the daily low for Bitcoin stands at a price of $38.6K. The price of 1 Bitcoin at the time of writing is $38.7K which is nearly 50% low than the all-time high. 

Bitcoin price analysis on the daily chart for March 16

Bitcoin price analysis for March 16 will take into account the major indicators in the crypto space which will be laid out on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are nearly touching each other and either might prevail which means that bulls and bears are evenly matched.

The RSI line has a value of 48.10 as it shot up because the support of $37.5K held. Moreover, the gradient of the line for today is slightly negative which means lower prices might follow.

The Bitcoin price action has dropped to the lower end of the Bollinger Bands which means that gradually bears are taking over.

Conclusion

Bitcoin price analysis for March 16, 2022, ends with the fact that BTC is stuck between $37.5K and $39K as volatility dies down.