Bitcoin drops nearly 10%: Price action put $20K on table

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Bitcoin price analysis for May 12, 2022, comes on a bearish note for the world’s biggest cryptocurrency which has seen a price drop of over 10% in the last 24 hours which means that we can expect lower prices as well. The sell-off continues in the crypto market as investors are in ‘Extreme Fear.’ As noted in our BTC price analysis for May 11, 2022, the coin fell to the $29K price region. However, in the last 24 hours, BTC lost the $29K price region as well and is right now trying to retain price levels above $28K.

The data from CoinMarketCap shows that the trading volume of the token jumped by 35.38% in the last 24 hours, followed by an 8.20% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1348, while the Market Dominance dropped to 41.35%. 

The daily candle for the token opened at a price of $29103 and reached a daily high of $30243. On the other hand, the daily low for Bitcoin stands at a price of $28367. The price of 1 Bitcoin at the time of writing is $28443. 

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Bitcoin price analysis for May 12 on the daily chart

Bitcoin price analysis for May 12, 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 while the MACD histogram is full of red bars. This confirms that the selling pressure is humongous.

The RSI indicator reads a value below 25 which means that the chances of lower prices for Bitcoin are still high and BTC is once again being oversold.

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The price action for Bitcoin continues to break out from the lower end of the Bollinger Bands, hinting at lower prices.

Conclusion

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