Bitcoin retests $29K several times: Once again breaks above $30K
Bitcoin price analysis for June 8, 2022, comes on a bullish note for the token as we have seen a price surge of more than 3% in the last 24 hours and it seems that the bulls are aiming to break the resistance beyond the $31K-$32K price level. Moreover, it is also important to note that the world’s biggest cryptocurrency has tested the support at $29K quite a number of times and it is imperative that the token holds above this level. As noted in our BTC price analysis for June 7, a trend reversal is possible for the token.
The data from CoinMarketCap shows that the trading volume of the token surged by 14.35% in the last 24 hours, followed by a 2.55% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.06982, while the Market Dominance dropped to 46.52%.
The daily candle for the token opened at a price of $31125 and reached a daily high of $31327. On the other hand, the daily low for Bitcoin stands at a price of $29843. The price of 1 Bitcoin at the time of writing is $30390.
Bitcoin price analysis for June 8 on the daily chart
Bitcoin price analysis for June 8, 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 48 which means that the bears are once again trying to take control while the gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line remains above the signal line and the MACD histogram remains bullish but the intensity is decreasing.
The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands but a retest of the middle zone is possible.
Conclusion
Bitcoin price analysis for June 8, 2022, ends on a bullish note for BTC but it is important for the token to retain prices above $29K.
