Bitcoin reclaims $30K once again as $29K holds

Bitcoin price analysis for June 3, 2022, comes on a bullish note for the token as we have seen a price surge of more than 2% in the last 24 hours. BTC lost the $31K price region as per our BTC analysis for June 2, 2022, and since then, the token once again turned bearish. However, the trading volume for the token jumped as bulls took over and as a result, the world’s biggest cryptocurrency retested the $29K price level and rebounded from the same, reclaiming $30K once again. The chances of the token once again making a move towards $32K are high.

The data from CoinMarketCap shows that the trading volume of the token dropped by 31.51% in the last 24 hours, followed by a 2% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04908, while the Market Dominance rose to 46.24%. 

The daily candle for the token opened at a price of $30452 and reached a daily high of $30699. On the other hand, the daily low for Bitcoin stands at a price of $30359. The price of 1 Bitcoin at the time of writing is $30611.

Bitcoin price analysis for June 3 on the daily chart

Bitcoin price analysis for June 3, 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 48 which means that the buying pressure has increased and the gradient of the line suggests that higher prices for Bitcoin might be seen.

The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram’s bullish intensity is decreasing.

The price action for Bitcoin tried successfully retested the middle zone of the Bollinger Bands and is situated in the bullish region of the Bands.

Conclusion

Bitcoin price analysis for June 3, 2022, ends on a bullish note for BTC with increased chances of breaking the $30K price level.