Bitcoin retains $21K price level but for how long?
Bitcoin price analysis for June 16, 2022, comes on a slightly bearish note for the world’s biggest cryptocurrency as there are low chances of BTC retaining price action above the $21K price region in the short term. We can expect BTC to retest the important price region of $20K which might not hold as support if the bears continue to remain in control of the price action. As noted in our BTC price analysis for June 15, 2022, the BTC token aimed to reclaim the $23K price region but failed to do so due to a lack of buying pressure.
The data from CoinMarketCap shows that the trading volume of the token dropped by 4.96% in the last 24 hours, followed by a 0.09% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1122, while the Market Dominance dropped to 44.35%.
The daily candle for the token opened at a price of $22583 and reached a daily high of $22995. On the other hand, the daily low for Bitcoin stands at a price of $20582. The price of 1 Bitcoin at the time of writing is $21067.
Bitcoin price analysis for June 16 on the daily chart
Bitcoin price analysis for June 16, 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 24 confirming that Bitcoin remains oversold and has dropped way too low due to increased selling pressure created by the bears in the market.
The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram continues to increase in bearish intensity.
The price action for Bitcoin broke out from the bearish zone of the Bollinger Bands which further confirms that the downtrend for BTC will continue.
Conclusion
Bitcoin price analysis for June 16, 2022, ends on a bearish note for BTC with a high possibility of dropping below $21K.
