Bitcoin retains price action above $30K but for how long?

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Bitcoin price analysis for June 9, 2022, comes on a sluggish note for the world’s biggest cryptocurrency while there are increased chances of losing the $30K price region in the near future once again. Additionally, as noted in our DOGE price analysis for June 8, 2022, the token has a major resistance beyond the $31K price region which needs to be breached in order to form an uptrend. The nearest support for the token stands at a price of $29K price region which needs to hold and act as support for the price action.

The data from CoinMarketCap shows that the trading volume of the token dropped by 36.24% in the last 24 hours, followed by a 0.15% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04346, while the Market Dominance dropped to 46.51%.

The daily candle for the token opened at a price of $30204 and reached a daily high of $30204. On the other hand, the daily low for Bitcoin stands at a price of $30070. The price of 1 Bitcoin at the time of writing is $30259.

Bitcoin price analysis for June 9 on the daily chart

Bitcoin price analysis for June 9, 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 47 which means that the bears aim to take control of the market movement and the gradient of the line indicates sluggishness.

The MACD indicator shows that the MACD line remains above the signal line but the two are now moving closer as chances of a bearish divergence are high.

The price action for Bitcoin is retesting the middle zone of the Bollinger Bands which means that a breakout into the bearish region is possible.

Conclusion

Bitcoin price analysis for June 9, 2022, ends on a sluggish note for BTC with increased chances of losing $29K.