Bitcoin continues to bleed: Rebounds from $20K

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Bitcoin price analysis for June 14, 2022, comes on a bearish note for the world’s biggest cryptocurrency as there are increased chances of losing the $20K price resistance in the coming days. Furthermore, as noted in our BTC price analysis for June 13, 2022, the token had a major resistance level beyond the $30K price region which it failed to reclaim and now, BTC has dropped to the lower support region of $20K. This $20K needs to hold or we can expect additional drops as well. The crypto market has been bleeding heavily in the past few days.

The data from CoinMarketCap shows that the trading volume of the token surged by 14.42% in the last 24 hours, followed by a 6.65% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1567, while the Market Dominance dropped to 45.12%.

The daily candle for the token opened at a price of $22485 and reached a daily high of $23362. On the other hand, the daily low for Bitcoin stands at a price of $20846. The price of 1 Bitcoin at the time of writing is $22376.

Bitcoin price analysis for June 14 on the daily chart

Bitcoin price analysis for June 14, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis

Source: TradingView

The RSI indicator reads a value below 24 which confirms that the world’s biggest cryptocurrency is being oversold and the gradient of the line suggests that lower prices might be seen.

The MACD indicator shows that the daily chart has witnessed a bearish divergence while the MACD histogram has turned red for Bitcoin.

The price action for Bitcoin broke out from the bearish zone of the Bollinger Bands which confirms that the selling pressure is very high.

Conclusion

Bitcoin price analysis for June 14, 2022, ends on a bearish note for BTC with a high possibility of dropping below $20K.

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