Bitcoin forms 5th bullish candle as BTC reaches major resistance
Bitcoin price analysis for July 17, 2022, comes on a bullish note for the world’s biggest cryptocurrency as we can confirm that the prices for BTC surge by more than 3% in the last 24 hours and investors can expect higher highs in the coming days as well. Interestingly, we can also expect the token to make an attempt to breach the $22K pric level which is an area of major resistance for the token. If successful, a trend reversal for BTC might be seen which could initiate a bullish cycle for the leading cryptocurrency in the market.
As noted in our BTC price analysis for July 16, 2022, the token has a major support at the $19K price level which held on multiple occassions. It seems that BTC might reclaim $22K to form a support near it.
The data from CoinMarketCap shows that the trading volume of the token dropped by 0.03% in the last 24 hours, followed by a 2.54% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.06178, while the Market Dominance dropped to 41.29%.
The daily candle for the token opened at a price of $21195 and reached a daily high of $21460. On the other hand, the daily low for Bitcoin stands at a price of $21082. The price of 1 Bitcoin at the time of writing is $21339.
Bitcoin price analysis for July 17 on the daily chart
Bitcoin price analysis for July 17, 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 50 which means that the buyers are almost in control of the price action of Bitcoin.
The MACD line is moving away from the signal line and a bullish price action follows.
The price action for Bitcoin is retesting the upper zone of the Bollinger Bands and higher prices might follow.
Conclusion
Bitcoin price analysis for July 17, 2022, ends on a sluggish note for BTC with considerable chances of reclaiming $22K in the near future.
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