Bitcoin struggles at $29K: Sluggish movement continues

Bitcoin price analysis for May 25, 2022, ends on a sluggish note for BTC as the to-and-fro movement for BTC continues.
Bitcoin price analysis for May 25, 2022, ends on a sluggish note for BTC as the to-and-fro movement for BTC continues.

Bitcoin price analysis for May 25, 2022, comes on a sluggish note for the token as it continues to progress below the $30K price region. In the last 24 hours, we have seen a price surge of over 1.3% and it seems that we might have to gear up to breach the $30K price region. As noted in our BTC price analysis for May 24, 2022, the token has a major resistance beyond the $30,000 price region and major support is below the $29K price level. It is also important to note that the world’s biggest cryptocurrency is nearly 60% low than its all-time high of $69K.

The data from CoinMarketCap shows that the trading volume of the token dropped by 8.80% in the last 24 hours, followed by a 1.32% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.05045, while the Market Dominance rose to 44.66%. 

The daily candle for the token opened at a price of $29654 and reached a daily high of $30223. On the other hand, the daily low for Bitcoin stands at a price of $29557. The price of 1 Bitcoin at the time of writing is $29774. 

Bitcoin price analysis for May 25 on the daily chart

Bitcoin price analysis for May 25, 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 40 which means that the bears are not willing to let go of the price action.

The MACD indicator shows that the MACD line remains above the signal line as a bullish divergence for BTC continues. The histogram is also filled with green.

The price action for Bitcoin is situated in the lower end of the Bollinger Bands but is now nearing the middle zone of the Bands.

Conclusion

Bitcoin price analysis for May 25, 2022, ends on a sluggish note for BTC as the to-and-fro movement for BTC continues.

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