Bitcoin suffers an 8% price crash: Falls below $37000

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Bitcoin price analysis for May 6, 2022, comes on a bearish note for the coin as BTC fell by more than 8% in the last 24 hours and investors can expect lower prices in the coming days as well. Furthermore, as noted in our BTC price analysis for May 5, 2022, the chances of the world’s biggest cryptocurrency breaking 40K remain low. In the last 24 hours, we saw BTC make a move towards the $40K price level but bears prevailed as the coin lost the support at the $37.5K price region. We can expect BTC at $34K if the $36K region doesn’t hold as support.

The data from CoinMarketCap shows that the trading volume of the token rose 17.02% in the last 24 hours, followed by an 8.40% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06343, while the Market Dominance dropped to 41.43%. 

The daily candle for the token opened at a price of $36,552 and reached a daily high of $36,675. On the other hand, the daily low for Bitcoin stands at a price of $36,163. The price of 1 Bitcoin at the time of writing is $36,387. 

Bitcoin price analysis for May 6 on the daily chart

Bitcoin price analysis for May 6, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis

Source: TradingView

The MACD indicator shows that the MACD line has broken below the signal line which confirms a bearish divergence meaning that lower prices are possible for Bitcoin in the coming days.

The RSI indicator reads a value below 38 which confirms that the bears are now in control and we can expect lower prices in the coming days for BTC as the MACD histogram also remains bearish.

The price action for Bitcoin broke out from the lower zone of the Bollinger Bands which confirms that lower prices might follow.

Conclusion

Bitcoin price analysis for May 6, 2022, ends on a bearish note as chances of losing $36K also remain high.

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