Bitcoin (BTC) Price Prediction for July 23

Key Points

1. Bitcoin price is trading around $116,900, down by 0.5%, after a rejection at $123,000 earlier in July.

2. Technical indicators like RSI (41.49) and MACD show fading bullish momentum and a minor bearish crossover.

3. BTC price has closed below key EMAs (20, 50, 100) on the 4-hour chart, indicating reduced volatility and potential downside.

4. Heavy resistance is noted at $118,500–$123,200, with a bearish CHoCH formation on the daily chart adding to downward pressure.

5. Short-term outlook suggests a possible drop to $115,500–$114,200 if support at $116,800 is breached, with resistance at $117,600–$118,000.