Bitcoin retesting $20K: Set to fall further?

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for June 29, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of the token reclaiming higher prices in the coming days seem quite low. Furthermore, as noted in our BTC price analysis for June 28, 2022, the chances of the token retesting the $21K price region seem low for now as it lost this price region in the last 24 hours. Furthermore, it seems that BTC might break below the $20K price support and it seems that the chances of retesting the $19K price level seem quite high.

The data from CoinMarketCap shows that the trading volume of the token surged by 5.96% in the last 24 hours, followed by a 2.96% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05819, while the Market Dominance rose to 42.64%.

The daily candle for the token opened at a price of $20281 and reached a daily high of $20398. On the other hand, the daily low for Bitcoin stands at a price of $20071. The price of 1 Bitcoin at the time of writing is $20170.

Bitcoin price analysis for June 29 on the daily chart

Bitcoin price analysis for June 29, 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 32 which means that overall the bears are in control of the price action of Bitcoin and the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line remains above the signal line while the two are now coming closer.

The price action for Bitcoin is situated in the lower region of the Bollinger Bands with increased possibilities of a retest of the middle zone of the Bands.

Conclusion

Bitcoin price analysis for June 29, 2022, ends on a bearish note for BTC as the chances of BTC losing $20K remain high.

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