Bitcoin correction in place as BTC loses $23K
Bitcoin price analysis for July 21, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the token has dropped by more than 2.3% in the last 24 hours. Furthermore, it is important ton the that the chances of the leading cryptocurrency reclaiming the $23K price level are high although bears remain in control of the price action of the BTC token. Interestingly, we can also expect BTC to make a move towards the $25K price level in the coming days.
As noted in our Bitcoin price analysis for July 20, 2022, we can expect BTC to reclaim the $23K price level in the near future if the bulls take control. Furthermore, the nearest support for the token stands at the $20K price level which has been holding for long.
The data from CoinMarketCap shows that the trading volume of the token dropped by 6.53% in the last 24 hours, followed by a 2.43% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1001, while the Market Dominance rose to 42.65%.
The daily candle for the token opened at a price of $23223 and reached a daily high of $23442. On the other hand, the daily low for Bitcoin stands at a price of $22638. The price of 1 Bitcoin at the time of writing is $22972.
Bitcoin price analysis for July 21 on the daily chart
Bitcoin price analysis for July 21, 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 58 which means that the bulls are overall dominating the price action of Bitcoin.
The MACD line is moving away from the signal line as the bullish intensity of the MACD histogram declines a little.
The price action for Bitcoin is retesting the upper zone of the Bollinger Bands which means that a bullish breakout might follow.
Conclusion
Bitcoin price analysis for July 21, 2022, ends on a slightly bearish note for BTC with considerable chances of reclaiming $23K.
