Bitcoin fails to maintain prices above$21K: Retest of $20K possible

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for June 24, 2022, comes on a sluggish note for the world’s biggest cryptocurrency after the token failed to retain prices above the $21000 price level. In the last 24 hours, we have seen BTC reclaim the $20K price level and break $21K as well following a 2% surge in prices. However, the chances of retaining prices above $21K remain low due to the bearish sentiment prevailing. As noted in our BTC price analysis for June 23, 2022, the token found buyers’ support at the $19K price level and rebounded to $21K. We might see a similar situation once again.

The data from CoinMarketCap shows that the trading volume of the token dropped by 10.81% in the last 24 hours, followed by a 3.69% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.06497, while the Market Dominance dropped to 43.02%.

The daily candle for the token opened at a price of $21110 and reached a daily high of $21369. On the other hand, the daily low for Bitcoin stands at a price of $20834. The price of 1 Bitcoin at the time of writing is $20856.

Bitcoin price analysis for June 24 on the daily chart

Bitcoin price analysis for June 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 34 which confirms that the Bitcoin price action overall is dominated by the bears but the BTC coin is no more being oversold in the market.

The MACD indicator shows that the MACD line is touching the signal line which means that a bullish divergence is possible for BTC.

The price action for Bitcoin is situated in the bearish region of the Bollinger Bands with sellers remaining in charge.

Conclusion

Bitcoin price analysis for June 24, 2022, ends on a sluggish note for BTC as the chances of BTC retesting the $19K price level are high.

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