Bitcoin rebounds from $28K and is back above $30K once again

Bitcoin price analysis for May 20, 2022, ends on a bullish note for BTC as the resistance beyond $30K remains unbroken.
Bitcoin price analysis for May 20, 2022, ends on a bullish note for BTC as the resistance beyond $30K remains unbroken.

Bitcoin price analysis for May 20, 2022, comes on a bearish note for the coin with huge chances of retaining the price action above $30K in the short term. In the last 24 hours, we have seen BTC break the $30K price region and rebounded from the $28K price region as well. It seems that we have major support in the $28K price region which means that the chances of going below this region are very low. As noted in our BTC price analysis for May 19, 2022, the crypto market is in a state of extreme fear right now.

The data from CoinMarketCap shows that the trading volume of the token surged by 6.10% in the last 24 hours, followed by a 3.67% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05965, while the Market Dominance dropped to 44.83%. 

The daily candle for the token opened at a price of $30319 and reached a daily high of $30777. On the other hand, the daily low for Bitcoin stands at a price of $30012. The price of 1 Bitcoin at the time of writing is $30130. 

Bitcoin price analysis for May 20 on the daily chart

Bitcoin price analysis for May 20, 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 38 which means that the buyers are taking charge of Bitcoin while the gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line remains below the signal line and the two lines are touching each other with increased chances of a bullish divergence.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands and a retest of the middle zone seems possible.

Conclusion

Bitcoin price analysis for May 20, 2022, ends on a bullish note for BTC as the resistance beyond $30K remains unbroken.

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