Bitcoin loses $29K as well: Bearish trend continues

Bitcoin price analysis for May 27, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the token has nearly 2.70% of its price in the last 24 hours. It seems that the bearish trend for the world’s biggest cryptocurrency will continue in the near future and we can expect BTC below the $28K price region as well if the bulls don’t take over soon. On the other hand, as noted in our BTC price analysis for May 26, 2022, the chances of BTC breaking $30K are now slimmer with the selling pressure being incredibly high.

The data from CoinMarketCap shows that the trading volume of the token jumped by 36.38% in the last 24 hours, followed by a 2.09% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06934, while the Market Dominance rose to 46.01%. 

The daily candle for the token opened at a price of $29201 and reached a daily high of $29390. On the other hand, the daily low for Bitcoin stands at a price of $28844. The price of 1 Bitcoin at the time of writing is $28926.

Source 

Bitcoin price analysis for May 27 on the daily chart

Bitcoin price analysis for May 27, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 38 which means that the selling pressure is dominating the price action of Bitcoin.

The MACD indicator shows that the MACD line remains above the signal line but the two lines are now getting close as sellers take charge.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands and chances of retesting the middle zone of the Bands are now lower.

Conclusion

Bitcoin price analysis for May 27, 2022, ends on a bearish note for BTC with low chances of losing $29,000.