Bitcoin finds increased resistance at $30K: Volume drops

Bitcoin price analysis for May 15, 2022, comes on a bearish note for the world’s biggest cryptocurrency as BTC has seen a price surge of 0.56% in the last 24 hours. It seems that the market will remain in a bearish downtrend until the bulls are not back in charge and it doesn’t push above the $30,000 price region and hold. The coin is more than 50% low from its all-time high and it seems that we might see another bearish crash if $28,000 fails to hold as support. As seen in our BTC price analysis for May 14, major support is present at $28,000.

The data from CoinMarketCap shows that the trading volume of the token dropped by 30.90% in the last 24 hours, followed by a 0.49% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04922, while the Market Dominance dropped to 44.58%. 

The daily candle for the token opened at a price of $30086 and reached a daily high of $30273. On the other hand, the daily low for Bitcoin stands at a price of $29553. The price of 1 Bitcoin at the time of writing is $29608. 

Bitcoin price analysis for May 15 on the daily chart

Bitcoin price analysis for May 15, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 30 which means that BTC is not being oversold now. The gradient of the line indicates sluggishness. 

The MACD indicator shows that the MACD line remains below the signal line, but the two lines are moving closer, hinting that bullish divergence might be seen. 

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

Conclusion

Bitcoin price analysis for May 15, 2022, ends on a bullish note for BTC with increased chances of retesting $28K.