Bitcoin price analysis: BTC reclaims $38K, aims for $40K

Bitcoin price analysis for Jan 26, 2022, suggests that the world’s biggest cryptocurrency is aiming for $40K for today. Bitcoin reclaimed $38K and is up by nearly 4% in the last 24-hours. It seems that the bottom for Bitcoin has arrived. 

The data from CoinMarketCap shows that the trading volume for Bitcoin has dropped by nearly 29.39% in the last 24-hours, with a 4.60% rise in the market cap, indicating that the token is covering from the bearish prices. 

As previously seen, Bitcoin reclaimed $36K and soon moved towards $37K and now aims for $40K. The daily candle for BTC opened the day at a price of $36.9K and rose to a daily high of $38.4K. Furthermore, the daily low for BTC stands at $36.6, which has already been reclaimed by the bulls. 

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart is definitely optimistic for today as the BTC token has rebounded from $34K, as seen by TheCoinRise. 

In the chart below, the 50-day and 100-day Moving Averages continue above the prices, an indication that the uptrend has not yet begun, and these lines are still resistances. Furthermore, the prices are gradually moving towards the middle part of the Bollinger Bands.

Source: TradingView

The RSI levels, on the other hand, have maintained a bearish stance for the prices. However, the line has risen straight from the oversold region.

Source: TradingView

Conclusion

Bitcoin price analysis on the daily chart can be concluded on an optimistic note despite the fact that BTC witnessed record-high network difficulty. We suggest you buy the dip before BTC goes to form higher highs and then breaks into an uptrend.