The world’s biggest cryptocurrency ended January 2022 on a bearish note, as TheCoinRise reported in its Jan 31st report. However, it seems that as per our Bitcoin price analysis for Feb 1, 2022, BTC is aiming for higher price levels as it has reclaimed $38K and now aims for $40K.
The trading volume of Bitcoin rose 30.85% in the last 24 hours, followed by a 3.88% increase in market capitalization. Bitcoin’s nearest resistance is at $38, and the bulls are currently trying to break above this price resistance. Moreover, $40K is also an important price level for the world’s biggest cryptocurrency.
The daily candle for Feb 1 began at a price of $38.4K and reached a daily high of $38.6K. However, once again, the resistance zone prevailed as BTC fell to the daily low of $38.1K. It seems that Bitcoin might prevail in these price levels and aim for $40K in the coming days. With the news of Arizona adopting BTC as legal tender, our Bitcoin price analysis for 2022 is definitely bullish.
Bitcoin price analysis on the daily chart
On the daily charts below, we will be discussing two important indicators for Bitcoin: The RSI indicator and the Bollinger Bands.
Source: TradingView
The RSI indicator has shot up past the oversold region, reported earlier by TheCoinRise, and is now aiming for the bullish region. However, the current readings show that BTC is still below the 50-mark, the RSI line is gradually forming an uptrend.
Source: TradingView
The price of Bitcoin broke out from the lower end of the Bands, as per our previous report, and has since then been in the lower end of the Bands. However, as of Feb 1, the world’s biggest cryptocurrency is gradually moving towards the middle of the Bands.
Conclusion
Bitcoin price analysis can be concluded on a bullish note for the short term with an extremely bullish scenario for the long term. Despite SEC’s rejection of Fidelity’s spot ETF, the SkyBridge Capital founder, Anthony Scaramucci, said that BTC would be at $500K in the near future.
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