Bitcoin price analysis: BTC bulls now testing $43K resistance

Cryptocurrency Price analysis and Prediction

February 07, 2022

Cryptocurrency Price analysis and Prediction

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Bitcoin price analysis for Feb 7, 2022, shows that the world’s biggest cryptocurrency now aims to challenge the resistance level of $43K. This is an important zone for the prices which were lost during early January. It is to be noted that as per a previous report from TheCoinRise, the $42K-$43K is an important support zone for Bitcoin.

Meanwhile, the popularity of Bitcoin and its utility has been increasing recently. As per a previous report from TheCoinRise, BTC helped the Kingdom of Tonga fight against a tsunami attack. Furthermore, a number of projects are being built on Bitcoin. Recently, it was reported that Stacks blockchain (STX) is the biggest project on Bitcoin.

The data from CoinMarketCap shows that the trading volume of the token rose 7.94% in the last 24 hours, followed by a 2.95% surge in the market cap. On the other hand, the Volume / Market Cap Ratio is at 0.02405, while the market dominance of the token remains at 41.45%. Moreover, the all-time high of Bitcoin was witnessed on Nov 10, 2021, at $69K, and since then, the prices have retraced 37.80%.

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Bitcoin price analysis on the daily chart

The accumulation of Bitcoin has seen a huge surge recently. The A/D line is making higher highs which means that BTC is once again gearing up for a trend reversal.

Source: TradingView

Our Bitcoin price analysis for Feb 6 saw an increased possibility to break above $41.6K. Moreover, the MACD indicator below shows that the MACD line (blue) broke above the signal line (orange), confirming a bullish divergence.

Source: TradingView

Conclusion

Our Bitcoin price analysis can be concluded on a bullish note since the world’s biggest cryptocurrency now aims for $43K. The indicators are also bullish for February as the token broke above $37.5K and reclaimed $41.5K on Feb 1. However, the month of January was bearish for the token, dropping 19% in the 30-days of Jan.