Bitcoin jumps 3% and reclaims $30K once again

Bitcoin price analysis for May 23, 2022, confirms that the BTC token will continue its attempt to breach $30K.
Bitcoin price analysis for May 23, 2022, confirms that the BTC token will continue its attempt to breach $30K.

Bitcoin price analysis for May 23, 2022, comes on a bearish note for the token with increased chances of breaking above the $30K price region in the near future. Furthermore, we also noted in our BTC price analysis for May 22, 2022, that the token has a major resistance beyond the $30K price region and the world’s biggest cryptocurrency has failed to breach this region several times. At the time of writing, the token is more than 50% low than its all-time high and it seems that the bears and the bulls are at a war with each other.

The data from CoinMarketCap shows that the trading volume of the token dropped by 43.06% in the last 24 hours, followed by a 0.57% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.02967, while the Market Dominance dropped to 44.47%. 

The daily candle for the token opened at a price of $30293 and reached a daily high of $30459. On the other hand, the daily low for Bitcoin stands at a price of $30048. The price of 1 Bitcoin at the time of writing is $30371. 

Bitcoin price analysis for May 23 on the daily chart

Bitcoin price analysis for May 23, 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 41 which means that the buyers are aiming to push the sellers out of the market while the gradient of the line suggests higher prices.

The MACD indicator shows that the MACD line has broken above the signal line and a bullish divergence can be confirmed for the world’s biggest cryptocurrency.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands but we can expect BTC to retest the middle zone of the Bands soon.

Conclusion

Bitcoin price analysis for May 23, 2022, confirms that the BTC token will continue its attempt to breach $30K.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.