Bitcoin is back above $31K: Will bulls holds here?

Bitcoin price analysis for May 11, 2022, comes on a bearish note for the world’s biggest cryptocurrency as chances of breaking above the $31K region seem quite low. The bulls have seen a good deal of support at the $30K price region, and the price needs to hold here, or we might see BTC drop further in prices. As noted in our Bitcoin price analysis for May 10, 2022, the coin fell to the daily low of $29,730, and in the last 24 hours, we have seen a 1.84% price surge for the world’s biggest cryptocurrency. It seems that we are witnessing sluggish movement for the coin.

The data from CoinMarketCap shows that the trading volume of the token dropped 23.33% in the last 24 hours, followed by a 1.36% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.09186, while the Market Dominance rose to 41.95%. 

The daily candle for the token opened at a price of $31017 and reached a daily high of $31691. On the other hand, the daily low for Bitcoin stands at a price of $30626. The price of 1 Bitcoin at the time of writing is $31340. 

Bitcoin price analysis for May 11 on the daily chart

Bitcoin price analysis for May 11, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line while the MACD histogram is also bearish overall, indicating that bears are in charge.

The RSI indicator reads a value below 30 which means that the selling pressure for Bitcoin is still high, and the coin still lies in the oversold region. 

The price action for Bitcoin is situated in the lower end of the Bollinger Bands, which means that bears are currently in control of the price region. 

Conclusion

Bitcoin price analysis for May 11, 2022, ends on a bearish note for BTC as the downtrend for the coin continues.