Bitcoin once again below $30K: Market is once again bearish

Bitcoin price analysis for June 2, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can see that the price action has once again dropped below the $30,000 price level. It is important to note that there are increased chances of BTC losing the $29000 price level if the bears continue to dominate which seems the case for now. In the last 24 hours, the token has dropped nearly 5% in price. As noted in our BTC price analysis for June 1, 2022, we can expect the continuation of the downtrend for BTC and a retest of the $28K price level as well.

The data from CoinMarketCap shows that the trading volume of the token surged by 26.50% in the last 24 hours, followed by a 5.17% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.0727, while the Market Dominance dropped to 46.06%. 

The daily candle for the token opened at a price of $29805 and reached a daily high of $30019. On the other hand, the daily low for Bitcoin stands at a price of $29594. The price of 1 Bitcoin at the time of writing is $29950.

Bitcoin price analysis for June 2 on the daily chart

Bitcoin price analysis for June 2, 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 45 which means that the selling pressure has once again increased and the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line remains above the signal line but the two lines are now moving closer.

The price action for Bitcoin tried to break out of the bullish zone of the Bollinger Bands but was not successful in doing so.

Conclusion

Bitcoin price analysis for June 2, 2022, ends on a bearish note for BTC with increased chances of retesting the $28K price level.