BTC Analysis on July 22 Morning
From midnight to now, the price of Bitcoin has first declined and then rebounded: it initially faced resistance at the 118300 level and dropped to a low of 116656, followed by a bullish effort to recover, with the price rising to around 117200 and fluctuating. On the hourly chart, bulls have continuously closed in the positive, pushing the price steadily upward, and the counterattack strength is gradually becoming apparent; although the MACD indicator is in the negative zone, the green momentum bars continue to shorten, indicating weakening bearish strength and accumulation of bullish momentum. Overall, after a sharp decline in the early session, the bulls have successfully stabilized their position, and the rebound trend is evident, likely to continue in the short term. The key resistance level above is at the previous high of 118300; if it can effectively break through, a strong upward surge may follow.
