Bitcoin drops below $35,000: Downtrend continues

Bitcoin price analysis for May 8, 2022, comes on a bearish note for the token with high chances of losing the $34,000 as well. The sell-off for the coin continues and it seems that we might continue to see lower lows in the near future as well. As noted in our BTC price analysis for May 7, 2022, the BTC coin found important support at the $35,000 price level, and following a surge in selling pressure, we saw the world’s biggest cryptocurrency below $35,000. It is important to note that we might see BTC drop towards $30,000 in the near future as well.

The data from CoinMarketCap shows that the trading volume of the token dropped 16.45% in the last 24 hours, followed by a 3.90% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04644, while the Market Dominance rose to 41.59%. 

The daily candle for the token opened at a price of $35472 and reached a daily high of $95514. On the other hand, the daily low for Bitcoin stands at a price of $34210. The price of 1 Bitcoin at the time of writing is $34546. 

Bitcoin price analysis for May 8 on the daily chart

Bitcoin price analysis for May 8, 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 downtrend for the price trajectory continues.

The RSI indicator reads a value below 34 which confirms that Bitcoin might soon be entering the oversold region and we can expect lower prices as well.

The price action for Bitcoin broke out from the lower zone of the Bollinger Bands and the breakout continues. We can expect the bearish trend to continue.

Conclusion

Bitcoin price analysis for May 8, 2022, ends on a bearish note for the coin with high chances of losing $34,000 as well.