Bitcoin sell-off continues: Drops to $33K price level

Cryptocurrency Price analysis and Prediction

May 09, 2022

Cryptocurrency Price analysis and Prediction

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Bitcoin price analysis for May 9, 2022, comes on a bearish note for the world’s biggest cryptocurrency as BTC lost the $35,000 price region in the last 24 hours. Furthermore, as noted in our previous BTC price analysis for May 8, 2022, the coin had lost the previous major support level around the $37,500 region and it seems that we can expect lower prices in the coming days as well. It seems that the chances of breaking into the uptrend are quite low. In order to cease this bearish sell-off, BTC needs to reclaim $42,000 in the longer run.

The data from CoinMarketCap shows that the trading volume of the token surged 25.01% in the last 24 hours, followed by a 2.38% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05747, while the Market Dominance dropped to 41.33%.

The daily candle for the token opened at a price of $34038 and reached a daily high of $34243. On the other hand, the daily low for Bitcoin stands at a price of $33267. The price of 1 Bitcoin at the time of writing is $33730.

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Bitcoin price analysis for May 9 on the daily chart

Bitcoin price analysis for May 9, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram also remains bearish for Bitcoin which confirms that bears are in control.

The RSI indicator reads a value below 32 which means that BTC is just about to be oversold and we can expect the world’s biggest cryptocurrency to lose the $30,000 price region soon.