Bitcoin price analysis for July 19, 2022, comes on a bullish note for the world’s biggest cryptocurrency as investors can expect higher highs from the leading cryptocurrency in the near future. However, a correction is likely to come soon as BTC has been moving bullishly for quite a few days. In the last 24 hours, we saw BTC break above the $22K price resistance which is an important step but in order to confirm an uptrend, the $30K price region needs to be replaced as support. It will be interesting to see if bulls remains in control in the coming weeks.
As noted in our BTC price analysis for July 18, 2022, there are considerable chances of Bitcoin retesting the support at the $19K price level if prices don’t hold above $23K and BTC fails to make higher highs.
The data from CoinMarketCap shows that the trading volume of the token surged by 82.78% in the last 24 hours, followed by a 8.79% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0967, while the Market Dominance dropped to 41.36%.
The daily candle for the token opened at a price of $22432 and reached a daily high of $22961. On the other hand, the daily low for Bitcoin stands at a price of $22214. The price of 1 Bitcoin at the time of writing is $22651.
Bitcoin price analysis for July 19 on the daily chart
Bitcoin price analysis for July 19, 2022, will consider the data from the daily chart below with three major indicators integrated into it.
The RSI indicator reads a value below 58 which means that the buyers are once again in control of the price action of Bitcoin.
The MACD line is moving away from the signal line indicating that bulls are in control of the price action of Bitcoin.
The price action for Bitcoin is retesting the upper zone of the Bollinger Bands and a bullish breakout can be expected.
Conclusion
Bitcoin price analysis for July 19, 2022, ends on a sluggish note for BTC with considerable chances of retesting $23K in the near future.
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