Bitcoin drops below a key level as investors expect BTC at $10K

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for July 12, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can see that the BTC token has dropped by more than 3.5% in the last 24 hours and investors can expect another drop in the coming days as well. In the last 24 hours, we have seen the BTC token break below the $20K price level after bulls gave it their all to turn that price region into support, also noted in our BTC price analysis for July 11, 2022.

Furthermore, as noted in a Bloomberg report, Wall Street investors expect Bitcoin to drop to $10,000 price region in the near future. Retail investors are bearish on the BTC token while the instutional investors are more open-minded and optimistic when it comes to digital assets.

The data from CoinMarketCap shows that the trading volume of the token dropped by 7.78% in the last 24 hours, followed by a 3.71% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06737, while the Market Dominance dropped to 42.85%.

The daily candle for the token opened at a price of $19963 and reached a daily high of $20059. On the other hand, the daily low for Bitcoin stands at a price of $19620. The price of 1 Bitcoin at the time of writing is $19720.

Bitcoin price analysis for July 12 on the daily chart

Bitcoin price analysis for July 12, 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 37 which means that the selling pressure is very high.

The MACD line is moving closer to the signal line and a bearish divergence might follow soon.

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


Bitcoin price analysis for July 12, 2022, ends on a bearish note for BTC with increased chances of losing $19K in the near future.