Bitcoin loses $20K: Bear market extended

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for June 19, 2022, comes on a bearish note for the token with increased chances of dropping further low in the near future. Additionally, BTC has a major resistance toward $20K which was earlier a support region for the world’s biggest cryptocurrency. As noted in our BTC price analysis for June 18, 2022, the chances of the token breaking into an uptrend remain low for the time being. We have seen BTC retain prices above the $20K price region for a long time and now, it is clear that BTC has lost that major support.

The data from CoinMarketCap shows that the trading volume of the token surged by 31.12% in the last 24 hours, followed by a 1.44% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0655, while the Market Dominance dropped to 43.93%.

The daily candle for the token opened at a price of $18970 and reached a daily high of $19994. On the other hand, the daily low for Bitcoin stands at a price of $17960. The price of 1 Bitcoin at the time of writing is $19754.

Bitcoin price analysis for June 19 on the daily chart

Bitcoin price analysis for June 19, 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 25 which means that Bitcoin is being oversold but the gradient of the line suggests that higher prices are possible.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram confirms that the bears are overall in control of the price.

The price action for Bitcoin is situated in the bearish region of the Bollinger Bands which means that a bearish breakout might follow.

Conclusion

Bitcoin price analysis for June 19, 2022, ends on a bearish note for BTC with a low possibility of reclaiming $20K.

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.