Neither bulls nor bears dominate today as some coins’ prices keep falling while others have returned to the green zone.
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BTC/USD
The price of Bitcoin (BTC) has increased by 0.49% over the last 24 hours.
Image by TradingView
Despite today’s slight rise, the rate of Bitcoin (BTC) is looking bearish on the local chart as the price is returning to the hourly support level of $29,862.
If the decline continues, the breakout may lead to a test of the $29,750 zone tomorrow.
Image by TradingView
On the bigger time frame, the situation has not changed from the technical point of view as neither side has accumulated enough energy for a sharp move. However, if the price does not return to the $30,000 zone soon, a decline to the support might be a prerequisite for a further drop to the $29,000 area and below.
Image by TradingView
From the midterm point of view, the price of BTC has set an interim support level at $29,508. While the rate is above that mark, bulls have a chance to seize the initiative. But if a breakout of it happens, the next stop where a bounce back is possible is the area around $28,000.
Bitcoin is trading at $29,894 at press time.
Source: https://u.today/bitcoin-btc-price-analysis-for-july-22