Bitcoin price analysis for June 04, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we have seen a price drop of 2.80% in the last 24 hours and it seems that lower prices can be witnessed in the coming days. As noted in our BTC price analysis for June 3, 2022, the token has a major resistance beyond the $3K price region which the token failed to break multiple times in the past few weeks. The token is more than 55% low from its all-time high and chances of making a new one this year seem considerably low.
The data from CoinMarketCap shows that the trading volume of the token dropped by 7.08% in the last 24 hours, followed by a 2.54% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04588, while the Market Dominance rose to 46.27%.
The daily candle for the token opened at a price of $29700 and reached a daily high of $29763. On the other hand, the daily low for Bitcoin stands at a price of $29500. The price of 1 Bitcoin at the time of writing is $29681.
Bitcoin price analysis for June 4 on the daily chart
Bitcoin price analysis for June 4, 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 44 which means that the bears are still in control of the Bitcoin price action and the back-and-forth movement of the token will continue.
The MACD indicator shows that the MACD line remains above the signal line but the two lines are now coming closer.
The price action for Bitcoin tried pushing into the bullish zone of the Bollinger Bands but the token failed to do so.
Conclusion
Bitcoin price analysis for June 4, 2022, ends on a bearish note for BTC with low chances of retaining $29K in the near future.
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