Bitcoin jumps 7% in 24 hours: Back above $30K

Bitcoin price analysis for May 13, 2022, comes on a bullish note for the world’s biggest cryptocurrency with a 7% price surge in the last 24 hours. Furthermore, we have noted in our BTC price analysis for May 12, 2022, that the market was in “Extreme Fear” and investors might be seeing BTC below $20K in the near future. However, the bulls were back in action and as a result, BTC surged past $30K, aiming to break into an uptrend. It is to be noted that a major resistance for the coin is around the $30K-$33K price zone.

The data from CoinMarketCap shows that the trading volume of the token dropped by 4.57% in the last 24 hours, followed by a 7.23% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1205, while the Market Dominance jumped to 44.79%. 

The daily candle for the token opened at a price of $29023 and reached a daily high of $30800. On the other hand, the daily low for Bitcoin stands at a price of $28751. The price of 1 Bitcoin at the time of writing is $30550. 

Bitcoin price analysis for May 13 on the daily chart

Bitcoin price analysis for May 13, 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 histogram remains red. This means that the selling pressure is indeed high.

The RSI indicator reads a value below 33 which means that Bitcoin has bounced back from the oversold levels while the gradient of the line suggests that higher prices are possible.

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

Conclusion

Bitcoin price analysis for May 13, 2022, ends on a bullish note for BTC with increased chances of breaking $31K.