Bitcoin price analysis: BTC remains sluggish with a 1% surge

Bitcoin price analysis for Feb 10, 2022, confirms that the resistance of $45k has prevailed, and the bulls were unable to push through once again. Moreover, the world’s biggest cryptocurrency has been bearish after reclaiming $44K, as seen in our Bitcoin price analysis on Feb 9, 2022. The popularity of cryptocurrency has been on the rise after the recently planned BTC giveaway by FTX US.

The Canadian division of the professional services network KPMG has added BTC and ETH to its company treasury, as per a report from TheCoinRise. It seems that the resistance between $45K-$48K remains strong, and Bitcoin continues to retest this zone. On the other hand, investors have continued to buy the recent dip as well. For instance, Senator Rafael ‘Ted’ Cruz of Texas recently bought the Bitcoin dip.

The data from CoinMarketCap shows that the trading volume of Bitcoin dropped 30.02% in the last 24 hours, followed by a 0.26% surge in the market cap. Moreover, the token is currently 35.71% low from the all-time high witnessed on Nov 10, 2021, at a price of $69K. The daily candle for Bitcoin started at a price of $44.3K and reached a daily high of $44.4K. Moreover, the daily low of the token stands at $44K.

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart shows that the token has entered the bullish zone, and now the RSI reads 63.72. Higher prices will follow.

Source: TradingView

The price action might break out from the upper end of the Bollinger Bands following a surge in bullish volume.

Source: TradingView

Conclusion

Bitcoin price analysis on the daily chart for Feb 10 can be concluded on the fact that the resistance at $45K might hold for the coming days. Moreover, the nearest support for the token stands at $43K, a level which was reclaimed by the token after underperforming in the month of January.