Bitcoin price analysis for Jan 29, 2022, shows that the world’s biggest cryptocurrency has reclaimed the previous support of $37.5K. On the other hand, as per our BTC price analysis of Jan 28, BTC had already reclaimed $36K. This means that the possible way to go now is either $40K or back to $35K.
The data from CoinMarketCap shows that the prices for Bitcoin have surged by nearly 2% in the last 24 hours, followed by a 3.57% surge in the last 7 days. The trading volume for BTC dropped by 12.72%, while the market cap surged by 1.63% and rested at $715 billion.
It seems that the Bitcoin price analysis is unaffected by the rejection of Bitcoin Fidelity’s spot ETF by the SEC. Moreover, at the time of writing, Bitcoin is moving towards $38K and now aims for $40K, which is a situation similar to the BTC price analysis of Jan 26.
Bitcoin price analysis on the daily chart
Bitcoin price analysis on the daily chart shows that bears are in charge of the price action. However, we can also note certain positive indicators which suggest that a change in trend is coming for BTC. The next target for BTC would be to reclaim the $41K-$43K support, which was the price range BTC was stuck between, as per our Jan 17 BTC price analysis.
The 50-day and 100-day MAs continue above the price action, and these are now important resistance zones. BTC is gradually trying to move upwards from the lower end of the Bollinger Bands.
The accumulation of Bitcoin is again reaching higher highs, and a change of trend might be waiting for BTC.
With the popularity of BTC reaching worldwide, 2 countries might adopt BTC as legal tender in 2022, as per our previous report. The rise in popularity coupled with the current dip might influence investors to take advantage and buy the dip.