Bitcoin drops to $28K after $30K fails to hold: Investors remain in fear

Bitcoin price analysis for May 19, 2022, ends on a bearish note for BTC as the price action beyond $30K remains uncertain.
Bitcoin price analysis for May 19, 2022, ends on a bearish note for BTC as the price action beyond $30K remains uncertain.

Bitcoin price analysis for May 19, 2022, comes on a bearish note for the coin with increased chances of remaining bearish. The BTC token has seen huge selling pressure in the last 24 hours and it seems that we might see another drop soon. Furthermore, in the last 24 hours, we have seen a price drop of more than 4% for the world’s biggest cryptocurrency as $30K failed to hold support. It seems that $28K has turned into a very crucial price level for the coin. Additionally, as per our BTC price analysis for May 18, $30K was minor support which is now lost.

The data from CoinMarketCap shows that the trading volume of the token surged by 8.43% in the last 24 hours, followed by a 4.71% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05769, while the Market Dominance rose to 44.87%. 

The daily candle for the token opened at a price of $28715 and reached a daily high of $29056. On the other hand, the daily low for Bitcoin stands at a price of $28691. The price of 1 Bitcoin at the time of writing is $28869. 

Bitcoin price analysis for May 19 on the daily chart

Bitcoin price analysis for May 19, 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 33 which means that the selling pressure for Bitcoin is increasing as the gradient of the line suggests bearishness.

The MACD indicator shows that the MACD line remains below the signal line but the two lines are nearly touching each other which means that bullish divergence is possible.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands although, bulls are trying their best to stall a bearish breakout.

Conclusion

Bitcoin price analysis for May 19, 2022, ends on a bearish note for BTC as the price action beyond $30K remains uncertain.

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