Bitcoin continues to retain $22K after 2% price drop

Bitcoin price analysis for July 24, 2022, comes on a bearish note for the world’s biggest cryptocurrency, as we can confirm that the prices have dropped by more than 2% in the last 24 hours and additional price drops might be seen as well. Furthermore, it is also important to note that the nearest resistance for the token stands at the $23K price level, which has been holding strong. The bulls did try to break through the resistance but failed to do so due to increased selling pressure beyond the $23K price level.

Furthermore, as noted in our BTC price analysis for July 23, 2022, the chances of the token retesting the $20K price level are high if Bitcoin bulls don’t take over in the near future.

The data from CoinMarketCap shows that the trading volume of the token dropped by 20.75% in the last 24 hours, followed by a 2.26% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05779, while the Market Dominance dropped to 41.57%.

The daily candle for the token opened at a price of $22448 and reached a daily high of $22677. On the other hand, the daily low for Bitcoin stands at a price of $22288. The price of 1 Bitcoin at the time of writing is $22364.

Bitcoin price analysis for July 24 on the daily chart

Bitcoin price analysis for July 24, 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 54, which means that the bears are about to take over the price action of Bitcoin.

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

The price action for Bitcoin is situated in the upper zone of the Bollinger Bands, which confirms that BTC might drop further.

Conclusion

Bitcoin price analysis for July 24, 2022, ends on a slightly bearish note for BTC, with considerable chances of retesting $20K.