Bitcoin drops another 7% after failing to reclaim $23K
Bitcoin price analysis for June 15, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of the token dropping to the $20K price region remain very high. Additionally, as noted in our BTC price analysis for June 14, 2022, there are increased chances for BTC attempting to breach the $23K price region. However, it seems that the market lacks any kind of bullish momentum for now and investors can expect lower prices in the near future. The fear in the market has caused a widespread panic selling for almost every cryptocurrency.
The data from CoinMarketCap shows that the trading volume of the token dropped by 43.88% in the last 24 hours, followed by a 44.79% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.103, while the Market Dominance dropped to 44.79%.
The daily candle for the token opened at a price of $22136 and reached a daily high of $22297. On the other hand, the daily low for Bitcoin stands at a price of $20750. The price of 1 Bitcoin at the time of writing is $20918.
Bitcoin price analysis for June 15 on the daily chart
Bitcoin price analysis for June 15, 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 22 which confirms that the world’s biggest cryptocurrency is situated in the oversold region and the gradient of the line hints at lower prices.
The MACD indicator shows that the MACD line broke below the signal line and the situation for Bitcoin turned bearish.
The price action for Bitcoin broke out from the bearish zone of the Bollinger Bands and at the time of writing, the breakout continues.
Conclusion
Bitcoin price analysis for June 15, 2022, ends on a bearish note for BTC with a high possibility of retesting $20K.
