Bitcoin price analysis: BTC at $38K, indicators gradually turning bullish

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Bitcoin price analysis for Jan 30, 2022, suggests a continued struggle between bulls and bears. Recently, Bitcoin fell below its support zone between $42K-$43K and reached a low price of $33K. Since then, the prices have steadily surged, and as per our BTC analysis from Jan 29, Bitcoin is back above $37.5K.

The data from CoinMarketCap shows that the trading volume of the world’s biggest cryptocurrency has decreased by 10.63% in the last 24 hours. Furthermore, the market cap rose by 0.92% in the same duration. The market dominance of Bitcoin at 41.62%, and it seems that the next price resistance is at $40K.

Moreover, as per our Bitcoin price analysis, the token is 44.65% from its all-time high that was witnessed in Nov 2021. The daily candle started the day at $38.1K and reached a daily high of $38.3K. The daily low for today stands at $37.8K, and the price of BTC at the time of writing is $38K.

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart suggests that the world’s biggest cryptocurrency is once again turning bullish. As seen in the chart below, we can see a bullish divergence taking place. The MACD line (blue) broke above the signal line (orange), which confirms a bullish scenario. As a result, higher prices are possible.

Bitcoin price analysis

Source: TradingView

The Accumulation/Distribution (A/D) line is forming higher highs which means an increased influx of capital in the token. The founder of SkyBridge Capital, Anthony Scaramucci, predicted a price of $500K for BTC in the near future.

Bitcoin price analysis

Source: TradingView

Conclusion

Despite the rejection of the Fidelity Bitcoin spot ETF by the SEC, Bitcoin continues to aim for higher prices. Recently, Bitcoin was rejected at $38K, as reported by TheCoinRise, and BTC is currently at the same price level. BTC needs to reclaim $40K, as per our Bitcoin price analysis for Jan 30, 2022.

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