Bitcoin once again above $30K: Will BTC hold here?

Bitcoin price analysis for May 16, 2022, ends on a bullish note for BTC with increased chances of retesting $32K.
Bitcoin price analysis for May 16, 2022, ends on a bullish note for BTC with increased chances of retesting $32K.

Bitcoin price analysis for May 16, 2022, comes on a bullish note for the world’s biggest cryptocurrency as we have seen a price surge of over 2% in the last 24 hours. It seems that the market bulls want to take over the price action once again but the bears continue to push for a further downtrend, resulting in a sluggish movement for the coin. As noted in our BTC price analysis for May 15, 2022, BTC is more than 50% low from its all-time high and dropped to $28K which is currently major support for the coin.

The data from CoinMarketCap shows that the trading volume of the token surged by 0.29% in the last 24 hours, followed by a 2.02% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04829, while the Market Dominance dropped to 44.29%. 

The daily candle for the token opened at a price of $31,328 and reached a daily high of $31,328.90. On the other hand, the daily low for Bitcoin stands at a price of $30232. The price of 1 Bitcoin at the time of writing is $30245. 

Bitcoin price analysis for May 16 on the daily chart

Bitcoin price analysis for May 16, 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 in control of the price action overall while the gradient of the line suggests that lower prices are possible. 

The MACD indicator shows that the MACD line remains below the signal line; as the two lines are coming closer to each other chances of a bearish divergence are high.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands although we can expect a retest of the middle zone of the Bands.

Conclusion

Bitcoin price analysis for May 16, 2022, ends on a bullish note for BTC with increased chances of retesting $32K.

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