Bitcoin rebounds from $20K: Back and forth movement continues
Bitcoin price analysis for June 17, 2022, comes on a bearish note for the world’s biggest cryptocurrencies with high chances of retaining the $20K price region in the near future. However, it remains unclear as to how long this price region will hold. As noted in our BTC price analysis for June 16, 2022, the chances of the world’s biggest cryptocurrency breaking below the $20K price region in the coming weeks remain high if the token fails to claim the $32K. In the past few months, we have seen BTC drop from an all-time high of $69K to the current price of $21K.
The data from CoinMarketCap shows that the trading volume of the token dropped by 28.26% in the last 24 hours, followed by a 0.30% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.0815, while the Market Dominance dropped to 44.40%.
The daily candle for the token opened at a price of $20400 and reached a daily high of $21365. On the other hand, the daily low for Bitcoin stands at a price of $2246. The price of 1 Bitcoin at the time of writing is $21133.
Bitcoin price analysis for June 17 on the daily chart
Bitcoin price analysis for June 17, 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 27 confirming that Bitcoin remains oversold and the gradient of the line suggests that lower prices can be seen.
The MACD indicator shows that the MACD line remains below the signal line and the distance between the two continues to increase suggesting that Bitcoin might remain bearish.
The price action for Bitcoin broke out from the bearish zone of the Bollinger Bands and as of now, is situated in the lower zone of the Bands.
Conclusion
Bitcoin price analysis for June 17, 2022, ends on a bearish note for BTC with a high possibility of retaining $20K for now.
