Bitcoin price analysis has become more confusing as we approach June 2022. The entire crypto market is following the damage done to major coins in the past month. The price of Bitcoin has moved sharply from $32,000 to $17,500. Traders, both bears and bulls, found plenty of trading opportunities, but the long-term investor lost the most value. In fact, the entire crypto market has seen new lows that have not boded well for crypto sentiment.
Bitcoin price analysis shows that the price of BTC/USD is falling. In the last 24 hours, we have seen the price move between narrow Bollinger bands. A slight advance towards $20,900 was contained by the bears as selling resumed, bringing the price down to $19,000. Bulls also sell profits on rallies and bookings as price can turn sharply lower on daily charts.
Bitcoin price movement in the last 24 hours: Bearish sentiment dominates the charts
The large red candle at the end of June further consolidates the negative bias in the cryptocurrency market. According to Bitcoin price analysis, the Bitcoin/USD pair is moving lower and is consistently sending red candles on the larger time frame charts. Despite being in negative territory for a long time, the bears are not giving up on letting the price rise. Slight upward movements don’t help either.
The daily trend remains bearish as the bearish price channel is also moving lower. HODLers, miners and investors are all selling. Recent flows to exchanges have given hopes of a revival, but the price action does not support any common bullish move. The 9-day moving average is also getting closer to the lower Bollinger Band, which means that the price is gradually going lower, according to Bitcoin price analysis.
BTC/USD 4-hour price chart: Traders are sitting on the sidelines
Today’s slight upside move towards the $20,900 level was quickly sold by the bulls. This reflects the underlying negative sentiment in the market. Small rallies are used as an excuse to push the price higher and create an exit strategy for the bulls. Technical indicators also publish a bitter picture.
The RSI has bounced back from below 20 to its current level of 30. At least the price action has been choppy with a gradual decline to $19,000. The bulls need to defend the $19,000 support zone or the price could quickly fall to the $17,500 level.
Bitcoin Price Analysis Conclusion: Slow move towards lower support area at $17,500
Bitcoin has lost nearly 9% of its value in the past week alone. Volatility has caused the price to break many support levels between $23,500 and $19,000. The slow grinding action means that the price is moving at a slow pace towards lower support areas near the $17,500 area. A minor price push to the $20,900 area helped the pair close above the 2017 all-time high.
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