Bitcoin price analysis: BTC falls below $37K, bears once again in control

Bitcoin price analysis for Feb 3, 2022, shows that BTC was unable to push through $39K and, as a result, fell to the nearest support at $36.9K. In our BTC price analysis for Feb 1, we saw BTC reach as high as $39K, but it seems that the bulls were unable to push through. 

The data from CoinMarketCap shows that BTC opened the daily candle for Feb 3, 2022, at a price of $36.8K and reached a daily high of $37K. Moreover, the daily low stands at $36.7K. It is to be noted that despite MicroStrategy buying the Bitcoin dip, the token has fallen flat to the wrath of the bears. 

As per a recent coverage by TheCoinRise, Bitcoin dropped 19% in the month of January despite the fact that Arizona is adopting BTC as legal tender. For Feb 3, the trading volume of the token dropped 3.72%, followed by a 4.08% drop in market cap. Overall, the bears are in control. 

Bitcoin price analysis on the daily candle

Bitcoin price analysis on the daily chart shows that BTC was unable to push through the middle region of the Bollinger Bands and has once again turned bearish with a red engulfing candle.

Source: TradingView

The RSI levels indicate that Bitcoin has been bearish for quite a while. After reaching the oversold levels at $36K, seen in our Bitcoin price analysis for Jan 27, the world’s biggest cryptocurrency aimed to enter $40K levels but failed to do so.

Source: TradingView

Conclusion

The market remains in a fearful state as Bitcoin drops below $37K. The token has been bearish ever since the huge sell-off in mid-November. The token fell below $50,000, and the bearish trend was confirmed. However, if BTC breaks above $40K, a reversal of the current trend can be confirmed.