Bitcoin struggles to retain $20K: What to expect?
Bitcoin price analysis for June 18, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of the token retaining the $20K price region for the long-term remain low. Additionally, as noted in our BTC price analysis for June 17, 2022, the chances of the token breaking the $21K price region remained low and it seems that there are increased chances of the expansion of the downtrend. Furthermore, it is also a notable fact that BTC is more than 70% low from its all-time high witnessed in the month of November 2021.
The data from CoinMarketCap shows that the trading volume of the token dropped by 20.92% in the last 24 hours, followed by a 0.59% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.0655, while the Market Dominance dropped to 43.93%.
The daily candle for the token opened at a price of $20468 and reached a daily high of $20792. On the other hand, the daily low for Bitcoin stands at a price of $20322. The price of 1 Bitcoin at the time of writing is $20465.
Bitcoin price analysis for June 18 on the daily chart
Bitcoin price analysis for June 18, 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 23 which means that Bitcoin is currently being oversold and investors can expect sluggish movement from BTC.
The MACD indicator shows that the MACD line remains below the signal line and the distance between the two lines continues to increase while the MACD histogram remains bearish.
The price action for Bitcoin broke out from the bearish zone of the Bollinger Bands but is now back in the bearish zone.
Conclusion
Bitcoin price analysis for June 18, 2022, ends on a bearish note for BTC with a high possibility of losing $20K.
