Bitcoin remains below $30K: Sluggish movement to follow

Bitcoin price analysis for May 22, 2022, ends on a bearish note for BTC as chances of breaking $30K remain low.
Bitcoin price analysis for May 22, 2022, ends on a bearish note for BTC as chances of breaking $30K remain low.

Bitcoin price analysis for May 22, 2022, comes on a bearish note for the world’s biggest cryptocurrency and it seems that we might have to sit back before we can see higher prices in the near future. As noted in our BTC price analysis for May 21, 2022, the token has major resistance beyond the $30K price region and the support for BTC is present below the $28K price region. On the other hand, the token is more than 50% low than its all-time high noted in the month of November 2021. It seems that the downtrend for BTC will continue.

The data from CoinMarketCap shows that the trading volume of the token dropped by 43.06% in the last 24 hours, followed by a 0.57% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.02967, while the Market Dominance dropped to 44.47%. 

The daily candle for the token opened at a price of $29445 and reached a daily high of $29545. On the other hand, the daily low for Bitcoin stands at a price of $29365. The price of 1 Bitcoin at the time of writing is $29400. 

Bitcoin price analysis for May 22 on the daily chart

Bitcoin price analysis for May 22, 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 37 which means that the selling pressure is still considerable and the market might remain in an unstable mode.

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 showing that the bears are in overall control.

Conclusion

Bitcoin price analysis for May 22, 2022, ends on a bearish note for BTC as chances of breaking $30K remain low.