Bitcoin nears $39K: BTC to break above $40K?

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Bitcoin price analysis for Feb 25, 2022, confirms that the token has turned bullish and rose more than 7.26% in the last 24 hours. However, the token fell as low as $34K, as seen in our BTC price analysis for Feb 24. It is important to note that a major reason for the fall in BTC’s prices is the Russia-Ukraine conflict and the fears of a new war. 

The data from CoinMarketCap shows that the trading volume of the token surged 106.89% in the last 24 hours, followed by a 4.68% surge in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.06408, while the Market Dominance of the token has risen to 42.48. 

The daily candle for Bitcoin opened at a price of $38.2K and reached a daily high of $38.9K. Moreover, the daily low for the token stands at $38.1K. The price of 1 BTC at the time of writing is $38.7K. Meanwhile, it is also important to note that the world’s biggest cryptocurrency is 43.73% low than the all-time high witnessed in early November. 

Bitcoin price analysis for Feb 25 on the daily chart

Bitcoin price analysis for Feb 25 on the daily chart will be implemented using 3 major indicators for the prices, which will help us predict the future trajectory of the token.

Bitcoin price analysis

Source: TradingView

Bitcoin RSI shows a value of 44, and the gradient of the line is positive, which means that higher prices are possible, and BTC reclaims $40K. 

The MACD indicator shows that the MACD line is still below the signal line, which confirms that bears are in charge and the MACD histogram is also bearish in nature with red bars. 

The price action for Bollinger Bands has dropped to the lower end of the Bands and successfully rebounded from the lower end. The bulls aim for the middle zone. 

Conclusion

Bitcoin price analysis for Feb 25, 2022, can be concluded on a bullish note for the token, but $40K must be reclaimed to confirm an uptrend.

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