Bitcoin might lose the $21K price region soon! Brace yourselves

Bitcoin price analysis for July 26, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the prices have dropped by more than 3.7% in the last 24 hours and investors can expect additional price drops as well if the bears remain in control. Furthermore, it is also important to note that over the weekend, BTC lost the $23,000 price level beyond which lies a major area of resistance for the leading cryptocurrency of the market. The bulls have tried multiple times to breach this region but failed to do so.

As noted in our BTC price analysis for July 25, 2022, there is a strong support for Bitcoin at the $19,000 price level which might be retested in the near future if the situation remains the same and BTC continues its downtrend.

The data from CoinMarketCap shows that the trading volume of the token surged by 30.42% in the last 24 hours, followed by a 3.70% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.09075, while the Market Dominance rose to 41.62%.

The daily candle for the token opened at a price of $21310 and reached a daily high of $21347. On the other hand, the daily low for Bitcoin stands at a price of $20856. The price of 1 Bitcoin at the time of writing is $21076.

Bitcoin price analysis for July 26 on the daily chart

Bitcoin price analysis for July 26, 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 45, which means that the bears are now overall in control of the price action of Bitcoin.

The MACD line is very close to the signal line, and a bearish divergence is highly likely.

The price action for Bitcoin has dropped below the middle zone of the Bollinger Bands, which means that downtrend continues.

Conclusion

Bitcoin price analysis for July 26, 2022, ends on a bearish note for BTC, with increased chances of retesting $20K.