The post Bitcoin (BTC) Price Prediction for July 23 appeared on BitcoinEthereumNews.com.

After an early-week bounce toward $118,000, Bitcoin price is back under pressure as sellers reclaim control near the upper bounds of a multi-week range. Bitcoin price today is trading around $116,900, down by 0.5% on the day, struggling to hold higher within a visible descending channel on intraday charts. Traders are watching for signs of volatility expansion as price coils just above key demand. What’s Happening With Bitcoin’s Price? BTC price dynamics (Source: TradingView) BTC price continues to respect the bounds of a descending parallel channel visible on the 2-hour chart, with clear lower highs and lower lows since the $123,000 rejection earlier in July. This structure is compressing price into a narrowing band, with support near $115,500 and resistance stacked around $118,000. RSI on the 2-hour chart is sitting at 41.49, reflecting fading bullish momentum. The MACD histogram remains flat with a minor bearish crossover, suggesting further indecision in the short term. Price remains trapped inside the midline of the descending channel, highlighting a lack of aggressive trend follow-through by bulls. BTC price dynamics (Source: TradingView) The 4-hour chart reinforces this outlook. BTC price has closed below the 20 EMA ($117,924) and 50 EMA ($117,601), while the 100 EMA ($115,698) is currently acting as near-term support. Bollinger Bands are starting to squeeze, indicating reduced volatility ahead of a possible breakout attempt. The lower band near $116,800 is being tested, and a breach could trigger further downside toward the 200 EMA at $112,571. The Bollinger Band setup on the 4-hour chart has tightened noticeably, with price hugging the lower band. Historically, this setup precedes breakout volatility. However, with momentum leaning slightly bearish, a further drop below $116,800 could push price toward the lower channel support near $114,800. Why Is The Bitcoin Price Going Down Today? BTC price dynamics (Source: TradingView)…

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Filed under: News - @ July 22, 2025 6:23 am