Bitcoin loses $20K for a brief moment: Back above support

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for June 23, 2022, comes on a slightly bullish note for the world’s biggest cryptocurrency as we have seen a price surge of 1.36% in the last 24 hours when BTC dropped below the $20K price support and found buyers’ support there. Thereafter, the token was able to reclaim the $20K price region. As noted in our BTC price analysis for June 22, 2022, the token tried to break the $21K and reclaim higher prices as a result but failed to do so as selling pressure for the token increased.

The data from CoinMarketCap shows that the trading volume of the token surged by 0.26% in the last 24 hours, followed by a 1.65% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07396, while the Market Dominance dropped to 43.06%.

The daily candle for the token opened at a price of $19988 and reached a daily high of $20657. On the other hand, the daily low for Bitcoin stands at a price of $19890. The price of 1 Bitcoin at the time of writing is $20482.

Bitcoin price analysis for June 23 on the daily chart

Bitcoin price analysis for June 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 31 which confirms that Bitcoin is no more being oversold in the crypto space while the gradient of the line suggests that higher prices might follow.

The MACD indicator shows that the MACD line is moving closer to the signal line which confirms that a bearish divergence is possible in the near future.

The price action for Bitcoin is situated in the bearish region of the Bollinger Bands and if $20K is lost, a bearish breakout might follow.

Conclusion

Bitcoin price analysis for June 23, 2022, ends on a bearish note for BTC as the chances of BTC retesting the $19K price level are low.

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