Bitcoin drops to $30K: Bears continue to annihilate investors

Bitcoin price analysis for May 10, 2022, comes on a bearish note for the world’s biggest cryptocurrency with increased chances of losing the $30,000 price region if the coin doesn’t make a bullish move soon. The entire world is witnessing a crash in prices with various coins down in double digits this week. As noted in our BTC price analysis for May 9, 2022, the price of BTC declined by a significant percentage and it seems that we might witness the world’s biggest cryptocurrency drop below the $30,000 price region. The bloodbath might continue in the near future.

The data from CoinMarketCap shows that the trading volume of the token surged 92.80% in the last 24 hours, followed by an 8.78% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1221, while the Market Dominance rose to 41.74%. 

The daily candle for the token opened at a price of $30074 and reached a daily high of $31463. On the other hand, the daily low for Bitcoin stands at a price of $29730. The price of 1 Bitcoin at the time of writing is $30879. 

Bitcoin price analysis for May 10 on the daily chart

Bitcoin price analysis for May 10, 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 MACD histogram also remains bearish on the daily chart. 

The RSI indicator reads a value below 29 which means that Bitcoin is being oversold which is a rare buying opportunity for the cryptocurrency. 

The price action for Bitcoin continues to break out from the lower zone of the Bollinger Bands which confirms that BTC might lose $30K as well. 

Conclusion

Bitcoin price analysis for May 10, 2022, ends on a bearish note for BTC with high chances of losing $30,000 in the near future.