Bitcoin fails to maintain $30K: Bloodbath continues

Bitcoin price analysis for May 14, 2022, ends on a bullish note for BTC with increased chances of losing $29K as well.
Bitcoin price analysis for May 14, 2022, ends on a bullish note for BTC with increased chances of losing $29K as well.

Bitcoin price analysis for May 14, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we have seen a price drop of over 3.23% in the last 24 hours and now, BTC is back below the $30K price region. We didn’t see strong buying volumes above the $30K price region and now, BTC is back below this important region. In to for BTC to move optimistically, we need a higher buying volume. As noted in our BTC price analysis for May 13, 2022, a major resistance for the coin is around the $30K-$33K price zone.

The data from CoinMarketCap shows that the trading volume of the token dropped by 43.48% in the last 24 hours, followed by a 2.91% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06981, while the Market Dominance dropped to 44.17%. 

The daily candle for the token opened at a price of $29287 and reached a daily high of $29824. On the other hand, the daily low for Bitcoin stands at a price of $29219. The price of 1 Bitcoin at the time of writing is $29521. 

Bitcoin price analysis for May 14 on the daily chart

Bitcoin price analysis for May 14, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line while the intensity of the MACD histogram is gradually declining.

The RSI indicator reads a value below 28 which means that the chances of making higher highs in the near future seem quite low and the gradient of the line confirms that BTC is being oversold.

The price action for Bitcoin is situated in the lower end of Bollinger Bands which means that BTC is still stuck in a downtrend for the near future.

Conclusion

Bitcoin price analysis for May 14, 2022, ends on a bullish note for BTC with increased chances of losing $29K as well.

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