Bitcoin price analysis for May 28, 2022, comes on a bearish note for the token with increased chances of losing the $28K price region in the near future as the bearish trend for the token continues to dominate. Furthermore, as noted in our BTC price analysis for May 27, 2022, the selling volume for the world’s biggest cryptocurrency continues to surge while the entire market remains stuck in a downtrend. The major resistance for the BTC token lies beyond the $30K price region but chances of breaking above that region seem quite low.
The data from CoinMarketCap shows that the trading volume of the token dropped by 11.15% in the last 24 hours, followed by a 0.65% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06456, while the Market Dominance dropped to 45.96%.
The daily candle for the token opened at a price of $28629 and reached a daily high of $28873. On the other hand, the daily low for Bitcoin stands at a price of $28450. The price of 1 Bitcoin at the time of writing is $28841.
Bitcoin price analysis for May 28 on the daily chart
Bitcoin price analysis for May 28, 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 38 which means that the buyers aim to regain control of the market.
The MACD indicator shows that the MACD line remains above the signal line while the intensity of the indicators hints that bulls are also fighting back.
The price action for Bitcoin is situated in the lower end of the Bollinger Bands while the narrowing of the Bands indicates that strong volatility will follow.
Conclusion
Bitcoin price analysis for May 28, 2022, ends on a bearish note for BTC with high chances of losing $28,000.
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