Bitcoin price analysis for Feb 23, 2022, comes on a bullish note as the token jumped 4% on the daily candle and it seems that there are chances of further increase. However, in order to confirm a breakout that is bullish in nature, the token needs to once again reclaim $40K and make its way towards $53K. On the other hand, Bitcoin price analysis for Feb 22 saw BTC drop below $38K.
The data from CoinMarketCap shows that the trading volume of Bitcoin dropped 26.32% in the last 24 hours followed by a 4.25% rise in the market cap. Moreover, the Market Dominance of the token rests at 41.78% while the Volume / Market Cap Ratio of the token stands at 0.03331.
The daily candle for BTC opened at $38.2K and reached a daily high of $38.9K. Moreover, the daily low for the token stands at $37.5K while the price of 1 BTC at the time of writing is $38.8K.
Bitcoin price analysis for Feb 23 on the daily chart
Bitcoin price analysis for Feb 23, 2022, will use the major 3 indicators in the market which will help us trace the prices of the token for the near future.
The MACD indicator shows that the MACD line (blue) remains below the signal line (orange) which means that lower prices will follow in the near future.
Moreover, the RSI line shows a value of 43.33 while the gradient of the line is quite positive which means that higher prices will follow and bulls are in charge.
The price action has rebounded from the lower end of the Bollinger Bands and now, is once again making its way to the middle zone of the Bands. The bulls are trying to defeat the bears.
While $37.5K is an important support zone, there are chances that the world’s biggest cryptocurrency might fall to lower levels in the near future.