Bitcoin sell-off continues: Chances of losing $19000 remain high

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for July 1, 2022, comes on a bearish note for the world’s biggest cryptocurrency despite two of the biggest advocates of BTC, MicroStrategy, and El Salvador buying the BTC dip. Interestingly, it seems that the crypto market is set on a downwards journey as BTC has formed its 6th consecutive bearish daily candle. As noted in our BTC price analysis for June 30, 2022, the month ended with BTC going below $19K for a brief moment and reclaiming $20K only to lose it moments later. It seems that lower prices can be seen in the coming days.

The data from CoinMarketCap shows that the trading volume of the token surged by 45.92% in the last 24 hours, followed by a 2.71% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08945, while the Market Dominance dropped to 42.51%.

The daily candle for the token opened at a price of $19942 and reached a daily high of $20918. On the other hand, the daily low for Bitcoin stands at a price of $19315. The price of 1 Bitcoin at the time of writing is $19383.

Bitcoin price analysis for July 1 on the daily chart

Bitcoin price analysis for July 1, 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 30 which means that the world’s biggest cryptocurrency is once again being oversold and investors can expect Bitcoin to remain bearish.

The MACD indicator shows that the MACD line is very close to the signal line with increased chances of a bearish divergence in the near future.

The price action for Bitcoin is situated in the lower region of the Bollinger Bands it is clear that if BTC falls lower, a bearish breakout might be seen.

Conclusion

Bitcoin price analysis for July 1, 2022, ends on a bearish note for BTC with very high chances of breaking below $19,000.

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