Bitcoin dumps to $21K: Retest of $19K seems likely

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for July 9, 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 2% in the last 24 hours and lower prices might follow in the coming days. Furthermore, it is also important to consider that the chances of BTC reclaiming the $22K price level are low if the buying pressure does not increase from here. As noted in our BTC price analysis for July 8, 2022, there is a strong support zone at the $19K price level which BTC has been holding for a long.

It will be interesting to see if BTC has what it takes to make higher highs in the coming days but for now, it seems that the market will remain sluggish in the short term.

The data from CoinMarketCap shows that the trading volume of the token surged by 81.74% in the last 24 hours, followed by a 2.54% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1236, while the Market Dominance dropped to 43.17%.

The daily candle for the token opened at a price of $21594 and reached a daily high of $21696. On the other hand, the daily low for Bitcoin stands at a price of $21403. The price of 1 Bitcoin at the time of writing is $21549.

Bitcoin price analysis for July 9 on the daily chart

Bitcoin price analysis for July 9, 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 48 which means that overall bears remain in control.

The MACD indicator shows that the MACD line is moving away from the signal line and bulls are still fighting for control.

The price action for Bitcoin is retesting the upper zone of the Bollinger Bands confirming that a bullish breakout might happen.

Conclusion

Bitcoin price analysis for July 9, 2022, ends on a bearish note for BTC with increased chances of revisiting $20K.

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