Bitcoin price analysis for July 31, 2022, comes on a slightly bearish note for the world’s biggest cryptocurrency as we can see that the prices have dropped by 0.73% in the last 24 hours and additional price drops might be seen if BTC fails to break into an uptrend in the short term. For now, it is clear that BTC has a major resistance beyond $24K as we saw the leading crypto make a move towards $25K but the buying pressure was just not enough. It is also important to consider that this month, BTC rose by 18% and as the monthly candle approaches end, we can expect another bullish candle for August.
According to our BTC price analysis for July 30, 2022, the world’s biggest cryptocurrency, Bitcoin, might soon retest the nearest support at $20K if the bears regain control of the price action.
The data from CoinMarketCap shows that the trading volume of the token dropped by 21.21% in the last 24 hours, followed by a 0.1% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06205, while the Market Dominance dropped to 41.29%.
The daily candle for the token opened at a price of $23644 and reached a daily high of $23782. On the other hand, the daily low for Bitcoin stands at a price of $23520. The price of 1 Bitcoin at the time of writing is $23714.
Bitcoin price analysis for July 31 on the daily chart
Bitcoin price analysis for July 31, 2022, will consider the data from the daily chart below with three major indicators integrated into.
The RSI indicator reads a value below 60, i.e., buying pressure is still considerably high.
The MACD line has started to come closer to the signal line while the intensity of the MACD histogram is decreasing.
The price action for Bitcoin aims to retest the upper zone of the Bollinger Bands and a breakout failed due to lack of volume.
Conclusion
Bitcoin price analysis for July 31, 2022, ends on an optimistic note for BTC, as the chances of a bullish August are high.
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