Bitcoin fails to hold above $24K but retains $23K for now

Bitcoin price analysis for July 30, 2022, comes on a sluggish note as the world’s biggest cryptocurrency failed to hold the $24K price level and as a result, might retest lower support levels in the near future. The BTC token has been try to break through the resistance at the $24K price level for a long time but from the looks of it, the market doesn’t have enough volume to do. However, investors should also know that BTC is underperforming when compared to other altcoins including Ether (ETH).

As noted in our BTC price analysis for July 29, 2022, there is a considerable amount of support for Bitcoin at the $20K price region which means that a retest of that region is definitely possible if $24K is not turned into support from resistance.

The data from CoinMarketCap shows that the trading volume of the token dropped by 9.89% in the last 24 hours, followed by a 0.01% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07771, while the Market Dominance dropped to 41.41%.

The daily candle for the token opened at a price of $23777 and reached a daily high of $23968. On the other hand, the daily low for Bitcoin stands at a price of $23674. The price of 1 Bitcoin at the time of writing is $23778.

Bitcoin price analysis for July 30 on the daily chart

Bitcoin price analysis for July 30, 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 61, which means that the bulls are still in control.

The MACD line has started to move away from the signal line and the histogram’s bullish intensity is increasing.

The price action for Bitcoin aims to retest the upper zone of the Bollinger Bands and confirm a trend reversal.

Conclusion

Bitcoin price analysis for July 30, 2022, ends on a sluggish note for BTC, with increased chances of retesting $20K if $24K isn’t reclaimed.