Bitcoin price analysis for June 10, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of the token breaking the $30K price resistance in the near future remains low. Additionally, as noted in our BTC price analysis for June 9, 2022, there is a major resistance for the token beyond the $31K resistance. It is imperative to note that BTC might retest the $29K price region if the bears regain control in the near future. The world’s biggest cryptocurrency is more than 55% low than its all-time high.
The data from CoinMarketCap shows that the trading volume of the token surged by 2.90% in the last 24 hours, followed by a 1.44% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04516, while the Market Dominance dropped to 46.30%.
The daily candle for the token opened at a price of $30109 and reached a daily high of $30382. On the other hand, the daily low for Bitcoin stands at a price of $29501. The price of 1 Bitcoin at the time of writing is $29715.
Bitcoin price analysis for June 10 on the daily chart
Bitcoin price analysis for June 10, 2022, will consider the data from the daily chart below with three major indicators integrated into it.
The RSI indicator reads a value below 45 which means that the Bitcoin bulls are still fighting for dominance over the price action and the gradient of the line suggests that lower prices will follow.
The MACD indicator shows that the MACD line remains above the signal line but the chances of a bearish divergence are high as the two continue to move closer.
The price action for Bitcoin has dropped below the middle zone of the Bollinger Bands which means that a breakout into the bearish region is possible.
Conclusion
Bitcoin price analysis for June 10, 2022, ends on a sluggish note for BTC as back and forth movement continues for the token.
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