Bitcoin breaks below $36,000: Bloodbath continues

Bitcoin price analysis for May 7, 2022, comes on a bearish note for the token which has seen a huge resistance around the $40,000 price region and failure to break above it has caused the coin to fall back to the $37.4K price region which was another area of major support. The world’s biggest cryptocurrency was able to push above this region and as a result, we saw BTC back below the $36,000 price region. In the last 24 hours, we have seen BTC drop 1.78% in prices and can expect another price crash as well, as per our BTC price analysis for May 6.

The data from CoinMarketCap shows that the trading volume of the token rose 17.02% in the last 24 hours, followed by an 8.40% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06343, while the Market Dominance dropped to 41.43%. 

The daily candle for the token opened at a price of $36013 and reached a daily high of $36077. On the other hand, the daily low for Bitcoin stands at a price of $35722. The price of 1 Bitcoin at the time of writing is $35812. 

Bitcoin price analysis for May 7 on the daily chart

Bitcoin price analysis for May 7, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram also remains bearish with red candles.

The RSI indicator reads a value below 37 which confirms that the chances of losing the $35K price region are also high for Bitcoin and the gradient of the line confirms that BTC will continue the downtrend.

The price action for Bitcoin broke out from the lower zone of the Bollinger Bands and continued to form bearish daily candles.

Conclusion

Bitcoin price analysis for May 7, 2022, ends on a bearish note with indicators hinting at lower prices in the near future.