Bitcoin price slump continues as $23K poses a threat

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Bitcoin price analysis for July 23, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the prices have dropped by 0.32% in the last 24 hours. Furthermore, investors can also see that the BTC token has a major resistance at the $23K price level and there are considerable chances of making higher highs in the near future if BTC turns the $23K price level into support. In such a situation, we can expect BTC to make a move towards $25K and then $28K.

As noted in our BTC price analysis for July 22, 2022, there is a strong support for the world’s biggest cryptocurrency at the $19K price level which has been holding for a number weeks. Investors might see BTC retest this support if the selling pressure remains high.

The data from CoinMarketCap shows that the trading volume of the token dropped by 3.57% in the last 24 hours, followed by a 0.82% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07154, while the Market Dominance dropped to 41.91%.

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The daily candle for the token opened at a price of $22684 and reached a daily high of $22904. On the other hand, the daily low for Bitcoin stands at a price of $22550. The price of 1 Bitcoin at the time of writing is $22870.

Bitcoin price analysis for July 23 on the daily chart

Bitcoin price analysis for July 23, 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 58 which means that the buyers are still dominating the price action of Bitcoin.

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The MACD line is far away from the signal line while the bullish intensity of the MACD histogram is gradually declining.

The price action for Bitcoin is situated in the upper zone of the Bollinger Bands as the Bands are gradually narrowing.

Conclusion

Bitcoin price analysis for July 23, 2022, ends on a slightly bearish note for BTC with considerable chances of retesting $23K.

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