Bitcoin breaks $24K for a short duration: Prices soar

Bitcoin price analysis for July 29, 2022, comes on a very bullish note for the world’s biggest cryptocurrency as we can confirm that the token rose from $21K price region and went on to reclaim the $24K price level with a 3.76% price surge in the last 24 hours. Investors might see continued resistance at the $24K price level which might be a strong area of resistance. Additionally, it is also clear that the price action of the token has failed to hold above the $24K price level and we can also expect another retest of the near support.

The nearest support for BTC stands at the $20K price region, as noted in our Bitcoin price analysis for July 28, 2022. This support hasn’t been broken in the past few weeks and we can expect Bitcoin to remain above it.

The data from CoinMarketCap shows that the trading volume of the token surged by 25.36% in the last 24 hours, followed by a 4.22% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.08761, while the Market Dominance dropped to 41.55%.

The daily candle for the token opened at a price of $23845 and reached a daily high of $23890. On the other hand, the daily low for Bitcoin stands at a price of $23701. The price of 1 Bitcoin at the time of writing is $23713.

Bitcoin price analysis for July 29 on the daily chart

Bitcoin price analysis for July 29, 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 61, which means that the buyers remain in control of the price action of Bitcoin.

The MACD line has started to move away from the signal line which means that the buying pressure is increasing.

The price action for Bitcoin aims to retest the upper zone of the Bollinger Bands.

Conclusion

Bitcoin price analysis for July 29, 2022, ends on a bullish note for BTC, with increased chances of retesting $24K.