Bitcoin continues to struggle and hold above $29,700

Bitcoin price analysis for June 5, 2022, comes on a bearish note for the token with increased chances of losing the $29K price level in the near future if the bulls don’t take over soon. The bears continue to dominate the price action of the world’s biggest cryptocurrency and there is a major resistance zone for the token beyond the $30K price level which it hasn’t been able to reclaim. As per our BTC price analysis for June 4, 2022, the chances of BTC breaking the $30K price level in the coming days seem low.

The data from CoinMarketCap shows that the trading volume of the token dropped by 38.31% in the last 24 hours, followed by a 0.30% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.02803, while the Market Dominance dropped to 46.14%. 

The daily candle for the token opened at a price of $29864 and reached a daily high of $29897. On the other hand, the daily low for Bitcoin stands at a price of $29678. The price of 1 Bitcoin at the time of writing is $29731.

Bitcoin price analysis for June 5 on the daily chart

Bitcoin price analysis for June 5, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 44 which means that overall, the bears are dominating. The gradient of the line suggests that sluggish movement will follow.

The MACD indicator shows that the MACD line remains above the signal line while the chances of a bearish divergence are increasing.

The price action for Bitcoin tried pushing into the bullish zone of the Bollinger Bands but the sellers continued to put pressure leading to a sluggish movement of prices.

Conclusion

Bitcoin price analysis for June 5, 2022, ends on a sluggish note for BTC with low chances of breaking above $30K in the near future.