Bitcoin dips below $19K for a brief moment: What the future holds?

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for July 4, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the BTC token has dropped by around 0.15% in the last 24 hours and around 10% in the last 7 days. Investors can expect BTC to drop further if the $19K price region is lost as support. Furthermore, as noted in our BTC price analysis for July 3, 2022, there are considerable chances of BTC once again dropping to the $18K price level. In the last 24 hours, we have seen BTC rebound from this price region and it seems that the future might be similar.

The data from CoinMarketCap shows that the trading volume of the token dropped by 0.07% in the last 24 hours, followed by a 0.27% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04208, while the Market Dominance dropped to 42.19%.

The daily candle for the token opened at a price of $19315 and reached a daily high of $19343. On the other hand, the daily low for Bitcoin stands at a price of $19055. The price of 1 Bitcoin at the time of writing is $19135.

Bitcoin price analysis for July 4 on the daily chart

Bitcoin price analysis for July 4, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis
Source: TradingView

The RSI indicator reads a value below 29 which means that the overselling of Bitcoin continues and investors might see BTC drop further in the coming days.

The MACD indicator shows that the MACD line is very close to the signal line but the sluggish movement of the token continues.

The price action for Bitcoin is retesting the lower region of the Bollinger Bands and is very close to a bearish breakout.

Conclusion

Bitcoin price analysis for July 4, 2022, ends on a bearish note for BTC with considerable chances of losing the $19,000 price level.

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