Bitcoin to close this week’s candle on a bearish note: Market remains sluggish
Bitcoin price analysis for June 11, 2022, comes on a bearish note for the token as we have seen a price drop of nearly 3% in the last 24 hours. It is important to note that BTC is currently holding above the $29K support region and if it fails to hold, we can expect the token to drop further in the near future. As noted in our BTC price analysis for June 10, 2022, the world’s biggest cryptocurrency has a major resistance zone beyond the $30K price level which the token has failed to break on multiple occasions.
The data from CoinMarketCap shows that the trading volume of the token surged by 13.21% in the last 24 hours, followed by a 3.13% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.04954, while the Market Dominance rose to 46.68%.
The daily candle for the token opened at a price of $29091 and reached a daily high of $29315. On the other hand, the daily low for Bitcoin stands at a price of $29047. The price of 1 Bitcoin at the time of writing is $29267.
Bitcoin price analysis for June 11 on the daily chart
Bitcoin price analysis for June 11, 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 43 which means that the Bitcoin bulls are gradually losing hold of the price action.
The MACD indicator shows that the MACD line is now touching the signal line and bearish divergence can be nearly confirmed on the daily chart.
The price action for Bitcoin has dropped below the middle zone of the Bollinger Bands confirming that a bearish breakout for the token is certainly possible.
Conclusion
Bitcoin price analysis for June 11, 2022, ends on a bearish note for BTC with increased chances of losing $29K in the near future.
