July 22 Bitcoin (BTC) Price Analysis
In the cryptocurrency market today, neither bulls nor bears dominate as some coins’ prices continue to fall while others have returned to the green zone. The price of Bitcoin (BTC) has increased by 0.49% over the last 24 hours.
On the local chart, the rate of Bitcoin is looking bearish as the price is returning to the hourly support level of $29,862. If the decline continues, there may be a breakout that could lead to a test of the $29,750 zone tomorrow.
On the bigger time frame, the technical point of view has not changed, with neither side accumulating enough energy for a sharp move. However, if the price does not return to the $30,000 zone soon, there may be a decline to the support level, which could result in a further drop to the $29,000 area and below.
From a midterm point of view, the price of BTC has set an interim support level at $29,508. As long as the rate remains above this mark, bulls have a chance to seize the initiative. However, if a breakout of this level occurs, the next possible bounce-back area is around $28,000.
At present, Bitcoin is trading at $29,894.
Overall, the cryptocurrency market is showing mixed performance, with some coins experiencing price drops while others are seeing gains. Bitcoin’s price has seen a slight increase, but its overall outlook remains bearish. The market is lacking a clear trend, and the next moves will depend on whether key support levels can hold or if there will be further declines. Traders will be closely monitoring these levels to determine the market’s direction in the coming days.
About The Author
