Bitcoin fails to retain $21K as bears take over

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for July 18, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the token has turned bearish after it was unable to push through the $22K price resistance. The BTC token hasn’t been performing quite well lately as we can see that Ether and other altcoins have seen significant surges. However, BTC has been bale to hold the support at the $19K price region but its attempt to make higher highs have been shut off by the bears in the market.

Additionally, as noted in the BTC price analysis for July 17, 2022, the bears tried to push the prices below $20K but Bitcoin remained bullish and as a result reclaimed $21K. However, the resistance towards $22K still prevails.

The data from CoinMarketCap shows that the trading volume of the token dropped by 5.7% in the last 24 hours, followed by a 1.7% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05752, while the Market Dominance rose to 41.58%.

The daily candle for the token opened at a price of $21195 and reached a daily high of $21684. On the other hand, the daily low for Bitcoin stands at a price of $20750. The price of 1 Bitcoin at the time of writing is $20786.

Bitcoin price analysis for July 18 on the daily chart

Bitcoin price analysis for July 18, 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 47 which means that the buyers have once again lost control of the price action of Bitcoin.

The MACD line is moving away parallel to the signal line indicating sluggish nature of the price action.

The price action for Bitcoin is retesting the middle zone of the Bollinger Bands and higher prices can be expected.


Bitcoin price analysis for July 18, 2022, ends on a sluggish note for BTC with considerable chances of retesting $21K in the near future.