Bitcoin price analysis for June 01, 2022, comes on a sluggish note for the world’s biggest cryptocurrency but the only good thing right now is that BTC is holding above the $31K price level which means that investors can remain optimistic about the future of the token. However, if BTC drops below $31000 once again and fails to hold the price action above the $30K price region, we can expect the continuation of a downtrend and increased chances of retesting $28K. As noted in our BTC price analysis for May 31, 2022, the indicators are gradually turning bearish.
The data from CoinMarketCap shows that the trading volume of the token dropped by 11.99% in the last 24 hours, followed by a 0.04% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05492, while the Market Dominance rose to 46.22%.
The daily candle for the token opened at a price of $31801 and reached a daily high of $31982. On the other hand, the daily low for Bitcoin stands at a price of $31371. The price of 1 Bitcoin at the time of writing is $31635.
Bitcoin price analysis for June 1 on the daily chart
Bitcoin price analysis for June 1, 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 51 which means that the buying pressure and the selling pressure are nearly equal at the moment.
The MACD indicator shows that the MACD line remains above the signal line and is still moving away from it while the histogram is also bullish.
The price action for Bitcoin tried to break out of the bullish zone of the Bollinger Bands but failed to do so.
Conclusion
Bitcoin price analysis for June 1, 2022, ends on a sluggish note for BTC with equal chances of retesting $30K and breaking $32K.
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