Bitcoin fails to retain $20K: The market remains bearish

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for June 30, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm a price drop of more than 1.5% in the last 24 hours and it seems that investors can expect BTC to lose $20K as buying pressure remains low. In order to retain the $20K price support, the token needs to surge past the $22K price region and move higher. However, as noted in our BTC price analysis for June 29, 2022, the chances of that remain low as the crypto winter has set in and the probability of the formation of an uptrend seems quite low.

The data from CoinMarketCap shows that the trading volume of the token surged by 8.18% in the last 24 hours, followed by a 1.21% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06118, while the Market Dominance rose to 42.82%.

The daily candle for the token opened at a price of $20123 and reached a daily high of $20179. On the other hand, the daily low for Bitcoin stands at a price of $19951. The price of 1 Bitcoin at the time of writing is $19976.

Bitcoin price analysis for June 30 on the daily chart

Bitcoin price analysis for June 30, 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 32 which means that investors can expect Bitcoin to remain bearish and lower prices will follow.

The MACD indicator shows that the MACD line is coming close to the signal line and bearish divergence is possible.

The price action for Bitcoin is situated in the lower region of the Bollinger Bands and a bearish breakout can be seen if sellers remain in control.

Conclusion

Bitcoin price analysis for June 30, 2022, ends on a bearish note for BTC with very low chances of reclaiming $20K.

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