Bitcoin once again below $30K: Price action unclear

Bitcoin price analysis for May 21, 2022, ends on a bearish note for BTC as chances of losing $29K remain considerable.
Bitcoin price analysis for May 21, 2022, ends on a bearish note for BTC as chances of losing $29K remain considerable.

Bitcoin price analysis for May 21, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we have seen a price drop of more than 3% in the last 24 hours which indicates that the bears are in control of the price action and we might see BTC drop below $29K as well. As noted in our BTC price analysis for May 20, 2022, the token aimed to break into a minor uptrend after breaking above the $30K price region but the volume wasn’t high enough to push through the resistance beyond the $30K price region.

The data from CoinMarketCap shows that the trading volume of the token dropped by 15.64% in the last 24 hours, followed by a 3.70% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05255, while the Market Dominance dropped to 44.60%. 

The daily candle for the token opened at a price of $29201 and reached a daily high of $29347. On the other hand, the daily low for Bitcoin stands at a price of $28947. The price of 1 Bitcoin at the time of writing is $29210. 

Bitcoin price analysis for May 21 on the daily chart

Bitcoin price analysis for May 21, 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 36 which means that the selling pressure is still dominating the market and the gradient of the line suggests back and forth movement.

The MACD indicator shows that the MACD line has broken above the signal line and a bullish divergence can be confirmed on a daily chart.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands. However, there are huge chances of a retest of the middle zone.

Conclusion

Bitcoin price analysis for May 21, 2022, ends on a bearish note for BTC as chances of losing $29K remain considerable.

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