Bitcoin holds $20K as support: Back above $21K price region

Bitcoin price analysis for July 27, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of making higher highs in the coming days remain low and investors can expect BTC to drop to the nearest position of $20K once again. In the last 24 hours, we saw BTC jump by 0.5% which confirms sluggish movement. However, the BTC token was able to successfully retain the support level at the $20K price level. If this region retains and holds strong, BTC might once again make a move towards the $23K price level.

As noted in our Bitcoin price analysis for July 26, 2022, there are increased chances of the token losing the $20K price region in the near future if the bears remain in charge and the token is not able to breach the $23K price level.

The data from CoinMarketCap shows that the trading volume of the token dropped by 24.36% in the last 24 hours, followed by a 0.46% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.06706, while the Market Dominance dropped to 41.59%.

The daily candle for the token opened at a price of $21254 and reached a daily high of $21284. On the other hand, the daily low for Bitcoin stands at a price of $21091. The price of 1 Bitcoin at the time of writing is $21175.

Bitcoin price analysis for July 27 on the daily chart

Bitcoin price analysis for July 27, 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 46, which means that the selling pressure is still dominating the price action of Bitcoin.

The MACD line is very close to the signal line and investors might see a bearish divergence soon.

The price action for Bitcoin has dropped to the bearish zone of the Bollinger Bands, as a downtrend continues.

Conclusion

Bitcoin price analysis for July 27, 2022, ends on a sluggish note for BTC, with increased chances of losing $20K if volume remains low.