Bitcoin continues its retest of $19K: Key points to note
Bitcoin price analysis for July 6, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of the token breaking into an uptrend in the near future remain low. Furthermore, as noted in our BTC price analysis for July 5, 2022, there is a major resistance for the token beyond the $22K price region which the token has been able to breach on a number of occasions.
Interestingly, Bitcoin has been moving sideways recently between the $19K and $21K price levels and as a result, investors can expect the world’s biggest cryptocurrency to remain stuck in a downtrend in the short term. It will be interesting to see if BTC has what it takes to breach $22K.
The data from CoinMarketCap shows that the trading volume of the token surged by 20.69% in the last 24 hours, followed by a 1.61% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.0719, while the Market Dominance rose to 42.43%.
The daily candle for the token opened at a price of $20175 and reached a daily high of $20414. On the other hand, the daily low for Bitcoin stands at a price of $19761. The price of 1 Bitcoin at the time of writing is $19890.
Bitcoin price analysis for July 6 on the daily chart
Bitcoin price analysis for July 6, 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 36 which means that Bitcoin remains under the influence of the bears.
The MACD indicator shows that the MACD line is moving away from the signal line as the bullish intensity of the histogram increases.
The price action for Bitcoin is retesting the middle zone of the Bollinger Bands which means that a breakout into the bullish region is possible.
Conclusion
Bitcoin price analysis for July 6, 2022, ends on a sluggish note for BTC as a breakout below $19K or above $20K is possible.
