Bitcoin price analysis for May 29, 2022, comes on a sluggish note for the token with increased chances of losing the $28000 price region in the next 24 hours if the bulls don’t take over and lead the price action. The chances of BTC breaking the $30000 price region continue to decline as there is a major resistance beyond this region. In the last 24 hours, we saw BTC jump 1% hinting at a sluggish future. As noted in our BTC price analysis for May 28, 2022, the world’s biggest cryptocurrency has found a support region at the $28K price level.
The data from CoinMarketCap shows that the trading volume of the token dropped by 48.63% in the last 24 hours, followed by a 1.28% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.03345, while the Market Dominance dropped to 45.79%.
The daily candle for the token opened at a price of $29031 and reached a daily high of $29045. On the other hand, the daily low for Bitcoin stands at a price of $28908. The price of 1 Bitcoin at the time of writing is $28958.
Bitcoin price analysis for May 29 on the daily chart
Bitcoin price analysis for May 29, 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 39 which means that the selling pressure is still high but the buyers aim to take over.
The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram remains bullish for Bitcoin.
The price action for Bitcoin is situated in the lower end of the Bollinger Bands as the narrowing of the Bands indicators increased volatility to follow.
Conclusion
Bitcoin price analysis for May 29, 2022, ends on a sluggish note for BTC with low chances of breaking $29,000.
A billion-dollar crypto yield shift is reshaping best altcoin picks as..
BlockchainFX is the world’s first crypto exchange connecting traditional finance with blockchain. Join the $BFX presale today and secure your chance for 100x gains!
