Bitcoin on the verge of collapse as we might see BTC lose this price level

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for July 2, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the token has fallen by more than 5% in the last 24 hours and it seems that we can expect another price crash in the near future if BTC loses the $19K price region. It is imperative for this region to hold for $13K is also on the table. Furthermore, as noted in our BTC price analysis for July 1, 2022, the month started on a bearish note as BTC aimed to lose $19K but was able to reclaim the $20K price level for a brief interval.

The data from CoinMarketCap shows that the trading volume of the token dropped by 5.35% in the last 24 hours, followed by a 5.70% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07751, while the Market Dominance dropped to 42.34%.

The daily candle for the token opened at a price of $19279 and reached a daily high of $19387. On the other hand, the daily low for Bitcoin stands at a price of $19144. The price of 1 Bitcoin at the time of writing is $19264.

Bitcoin price analysis for July 2 on the daily chart

Bitcoin price analysis for July 2, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis
Source: TradingView

The RSI indicator reads a value below 29 which means that the world’s biggest cryptocurrency has entered the oversold levels in the market and the gradient of the line suggests that lower prices will be seen.

The MACD indicator shows that the MACD line is nearly touching the signal line and we can witness a bearish divergence in the near future.

The price action for Bitcoin is retesting the lower region of the Bollinger Bands and a bearish breakout might follow.

Conclusion

Bitcoin price analysis for July 2, 2022, ends on a bearish note for BTC with the increased possibility of losing the $19,000 price level.

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