Bitcoin moves back and forth as volume continues to decline

Bitcoin price analysis for May 17, 2022, ends on a sluggish note for BTC as buying volume is not enough to break $32K.
Bitcoin price analysis for May 17, 2022, ends on a sluggish note for BTC as buying volume is not enough to break $32K.

Bitcoin price analysis for May 17, 2022, comes on a bearish note for the coin with increased chances of losing the $30,000 once again if the buying volume doesn’t increase by significant numbers. A reason for declining volume is fear in the market which might’ve caused a widespread sell-off for BTC and other major cryptocurrencies. As per our BTC price analysis for May 16, 2022, the world’s biggest cryptocurrency was able to see buyers’ support at the $29K price region and the situation has since been sluggish. BTC needs to break above $32K to confirm some positive movement.

The data from CoinMarketCap shows that the trading volume of the token surged by 14.85% in the last 24 hours, followed by a 1.61% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05634, while the Market Dominance rose to 44.42%. 

The daily candle for the token opened at a price of $29874 and reached a daily high of $30277. On the other hand, the daily low for Bitcoin stands at a price of $29780. The price of 1 Bitcoin at the time of writing is $30022. 

Bitcoin price analysis for May 17 on the daily chart

Bitcoin price analysis for May 17, 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 34 which means that the bears are overall in control while the gradient of the line suggests that movement will remain sluggish.

The MACD indicator shows that the MACD line remains below the signal line but the two lines are coming closer to each as chances of a bullish divergence have increased.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands but gradually approaching the middle zone of the Bands.

Conclusion

Bitcoin price analysis for May 17, 2022, ends on a sluggish note for BTC as buying volume is not enough to break $32K.

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