Bitcoin drops to an 18 month low: Will BTC hold above $24K?

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Bitcoin price analysis for June 13, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of BTC reclaiming the $30K price level have dropped to nil. Additionally, in the last 24 hours, the crypto market has crashed by significant percentages, and now, the entire industry is no more worth $1 trillion. As noted in our BTC price analysis for June 13, 2022, the token lost the $2K price region which was acting as a minor support region. As per our analysis, we can expect Bitcoin to drop to $20K in the near future as well.

The data from CoinMarketCap shows that the trading volume of the token surged by 66.09% in the last 24 hours, followed by an 11.97% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1239, while the Market Dominance dropped to 47.11%.

The daily candle for the token opened at a price of $26574 and reached a daily high of $26895. On the other hand, the daily low for Bitcoin stands at a price of $23788. The price of 1 Bitcoin at the time of writing is $23994.

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Bitcoin price analysis for June 13 on the daily chart

Bitcoin price analysis for June 13, 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 27 which means that the world’s biggest crypto is now being oversold and the gradient of the line suggests that lower prices will follow.

The MACD indicator shows that the MACD line has broken below the signal line confirming a bearish divergence on the daily chart.

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The price action for Bitcoin has broken out from the bearish zone of the Bollinger Bands which means that the bears are overall in control.

Conclusion

Bitcoin price analysis for June 13, 2022, ends on a bearish note for BTC with a high possibility of dropping to $20K.

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