Bitcoin below $22K as indicators show signs of an upcoming dump

Bitcoin price analysis for July 25, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the leading cryptocurrency has dropped by 3.39% in the last 24 hours. In the same duration, we saw BTC lose the $22,000 price region while losing the $23K price region over the weekend. The BTC token found resistance beyond the $23K price level which has been prevailing for a long time. Furthermore, it is important to note that the chances of a trend reversal are still very low for BTC.

As noted in our BTC price analysis for July 24, 2022, the strongest support for the token stands at the $19K price region which has been holding for a very long time.

The data from CoinMarketCap shows that the trading volume of the token surged by 10.54% in the last 24 hours, followed by a 3.37% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06666, while the Market Dominance dropped to 41.49%.

The daily candle for the token opened at a price of $22577 and reached a daily high of $22666. On the other hand, the daily low for Bitcoin stands at a price of $21737. The price of 1 Bitcoin at the time of writing is $21857.

Bitcoin price analysis for July 25 on the daily chart

Bitcoin price analysis for July 25, 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 50, which means that the bears and the bulls are at part with each other.

The MACD line is very close to the signal line, which confirms that a bearish divergence is certainly possible.

The price action for Bitcoin is retesting the middle zone of the Bollinger Bands, which confirms that a drop to the bearish region is certainly possible.

Conclusion

Bitcoin price analysis for July 25, 2022, ends on a bearish note for BTC, with strong chances of retesting $20K.