Bitcoin trying to hold strong above $20K: Indicators turning bearish
Bitcoin price analysis for June 22, 2022, comes on a bullish note for the world’s biggest cryptocurrency as there are increased chances of losing the $20K price region in the near future if the bulls don’t pick up the pace. As noted in our Bitcoin price analysis for June 21, 2022, the BTC token tried to break the $21K and reclaim higher prices as a result. But it seems that this is just a dead cat bound and the BTC token failed to hold price action above the $21K price level. It is important for BTC to make a move toward $30K to confirm an uptrend.
The data from CoinMarketCap shows that the trading volume of the token dropped by 9.80% in the last 24 hours, followed by a 3.12% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07213, while the Market Dominance dropped to 43.11%.
The daily candle for the token opened at a price of $20723 and reached a daily high of $20736. On the other hand, the daily low for Bitcoin stands at a price of $19950. The price of 1 Bitcoin at the time of writing is $20178.
Bitcoin price analysis for June 22 on the daily chart
Bitcoin price analysis for June 22, 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 29 which confirms that Bitcoin might enter the oversold region once again in the next 24 hours.
The MACD indicator shows that the MACD line is moving closer to the signal line which confirms that a bearish divergence is possible for the BTC token.
The price action for Bitcoin is situated in the bearish region of the Bollinger Bands indicating that lower prices are possible.
Conclusion
Bitcoin price analysis for June 22, 2022, ends on a bearish note for BTC as the chances of BTC reclaiming the $21K price level are low.
