Bitcoin still at $30K: No signs of bullish behavior

Bitcoin price analysis for May 18, 2022, ends on a sluggish note for BTC as the resistance above the $30K price region prevails.
Bitcoin price analysis for May 18, 2022, ends on a sluggish note for BTC as the resistance above the $30K price region prevails.

Bitcoin price analysis for May 18, 2022, comes on a bearish note for the world’s biggest cryptocurrency and it seems that the chances of making higher highs in the current period are very low. Furthermore, we have also witnessed a price drop of 1.20% in the last 24 hours and it is very clear that buying volume is low. As noted in our BTC price analysis for May 17, 2022, the world’s biggest cryptocurrency has major resistance beyond the $30,000 price level which the token hasn’t been able to break above for a long time.

The data from CoinMarketCap shows that the trading volume of the token dropped by 8.10% in the last 24 hours, followed by a 1.37% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05253, while the Market Dominance dropped to 44.32%. 

The daily candle for the token opened at a price of $30444 and reached a daily high of $30709. On the other hand, the daily low for Bitcoin stands at a price of $29732. The price of 1 Bitcoin at the time of writing is $30065. 

Bitcoin price analysis for May 18 on the daily chart

Bitcoin price analysis for May 18, 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 35 which means that the bulls and the bears are fighting for higher prices as the gradient of the line suggests sluggishness.

The MACD indicator shows that the MACD line remains below the signal line but the two lines are nearly touching each other which means that bullish divergence is possible.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands but a retest of the middle zone of the Bands might be seen soon.

Conclusion

Bitcoin price analysis for May 18, 2022, ends on a sluggish note for BTC as the resistance above the $30K price region prevails.

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