Bitcoin drops nearly 4% as bulls failed to push BTC above $30K

Bitcoin price analysis for May 24, 2022, ends on a bearish note for BTC with increased chances of losing $29K as well.
Bitcoin price analysis for May 24, 2022, ends on a bearish note for BTC with increased chances of losing $29K as well.

Bitcoin price analysis for May 24, 2022, comes on a bearish note for the world’s biggest cryptocurrency as chances of reclaiming $30K breaking past the important resistances seem quite low for the short term. As noted in our BTC price analysis for May 24, 2022, the token started a bullish journey and jumped 3% in 24 hours and it seemed that we could BTC finally break above the $30K price region. However, the bears prevailed and as a result, BTC was once again below the $30K price region. In the last 24 hours, we have seen BTC drop nearly 4%.

The data from CoinMarketCap shows that the trading volume of the token jumped by 30.75% in the last 24 hours, followed by a 3.51% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05647, while the Market Dominance dropped to 44.39%. 

The daily candle for the token opened at a price of $29109 and reached a daily high of $29439. On the other hand, the daily low for Bitcoin stands at a price of $29056. The price of 1 Bitcoin at the time of writing is $29195. 

Bitcoin price analysis for May 24 on the daily chart

Bitcoin price analysis for May 24, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis
Source: TradingView

The RSI indicator reads a value below 39 which means that the buyers need to pick up the pace for bears will prevail. Additionally, the gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line has broken above the signal line and a bullish divergence can be confirmed. The MACD histogram is also bullish.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands but a retest of the middle zone of the Bands can be expected.

Conclusion

Bitcoin price analysis for May 24, 2022, ends on a bearish note for BTC with increased chances of losing $29K as well.