Bitcoin reclaims $23K as Finland authorities sell BTC worth $47M

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Bitcoin price analysis for July 22, 2022, comes on a sluggish note for the world’s biggest cryptocurrency as we can confirm that the token has dropped by 0.79% in the last 24 hours indicating that the buyers don’t have what it takes to retain the $23K price level as of now. Furthermore, amidst Finland authorities selling over $47 million worth BTC, it is expected that lower prices might follow.

Moreover, it is also important to note that there are considerable chances of Bitcoin losing the $23K price level in the near future if the $23K price level does not form a support for BTC to reclaim the $25K price levelAs noted in our BTC price analysis for July 21, 2022, there are huge chances of Bitcoin retesting the nearest strong support at $19K if buying volumes don’t surge.

The data from CoinMarketCap shows that the trading volume of the token dropped by 21.74% in the last 24 hours, followed by a 0.63% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07582, while the Market Dominance dropped to 42.08%.

The daily candle for the token opened at a price of $23152 and reached a daily high of $23193. On the other hand, the daily low for Bitcoin stands at a price of $23090. The price of 1 Bitcoin at the time of writing is $23170.

Bitcoin price analysis for July 22 on the daily chart

Bitcoin price analysis for July 22, 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 60 which means that the bulls are still overall dominating the price action of Bitcoin.

The MACD line is moving away from the signal line but the bullish intensity of the MACD histogram is gradually declining.

The price action for Bitcoin is retesting the upper zone of the Bollinger Bands as chances of a trend reversal are still considerably high.

Conclusion

Bitcoin price analysis for July 22, 2022, ends on a slightly bearish note for BTC with low chances of holding above $23K.