Bitcoin price analysis for July 10, 2022, comes on a sluggish note for the world’s biggest cryptocurrency which has been holding strong above the $21K price region. It will be interesting to see if BTC is capable of reclaiming higher highs in the coming days. The token has found resistance beyond the $22K price region which the bulls have failed to break on multiple occasions. Despite El Salvador and MicroStrategy purchasing BTC in the bearish market, prices remain below $22K as noted in our BTC price analysis for July 9, 2022.
Interestingly, the creditors of the Mt. Gox incident will be paid 142,000 Bitcoin which is worth around $3 billion at the time of writing. This repayment might introduce a huge amount of BTC into the market initiating the sell-off of the world’s biggest cryptocurrency as creditors capitalize on the amount they have received.
The data from CoinMarketCap shows that the trading volume of the token dropped by 41.48% in the last 24 hours, followed by a 1.52% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07364, while the Market Dominance dropped to 42.87%.
The daily candle for the token opened at a price of $21592 and reached a daily high of $21607. 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 $21293.
Bitcoin price analysis for July 10, 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 overall bears are in control.
The MACD line is away from the signal line but the bullish intensity of the histogram is decreasing.
The price action for Bitcoin is failed a retest of the upper zone of the Bollinger Bands.
Bitcoin price analysis for July 10, 2022, ends on a bearish note for BTC with increased chances of retesting $19K.
BlockchainFX is the world’s first crypto exchange connecting traditional finance with blockchain. Join the $BFX presale today and secure your chance for 100x gains!
Join Now