Bitcoin price analysis for Feb 8, 2022, comes with a bullish outlook for investors as the world’s biggest cryptocurrency is now aiming for a $45k-$48k price resistance zone. The price of BTC successfully broke above $43k, and at the time of writing, the price of 1 BTC was $44.2k.
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Bitcoin payments have become widely popular mostly because of the fact that it offers privacy. Recently, the former CEO of Twitter, Jack Dorsey, talked about Bitcoin’s transparency and underlying risks associated with the crypto industry. However, it is a fact that the popularity of Bitcoin is on the rise as Ted Cruz recently bought the Bitcoin dip.
The data from CoinMarketCap shows that the trading volume of Bitcoin surged 40.13% while the market cap surged 3.12%. Meanwhile, the prices have surged more than 3% in the last 24 hours, and a surge in trading volume shows that there is a possibility that BTC breaks $45K.
Our Bitcoin price analysis shows that the daily candle started at a price of $43.8k and reached a daily high of $44.2k from the daily low of $43.5K. It seems that the world’s biggest cryptocurrency is on the verge of an upside breakout.
Bitcoin price analysis on the daily chart
Bitcoin price analysis on the daily chart shows that the world’s biggest cryptocurrency is now gradually aiming to form an uptrend. The MACD indicator shows that the MACD line (blue) broke above the signal line (orange), confirming that bulls are in charge.
The price action now aims to break out from the upper end of the Bollinger Bands, which confirms that BTC will experience a bullish breakout.
Conclusion
Bitcoin price analysis for Feb 8, 2022, can be concluded on a bullish note following a huge surge in popularity in 2021. The recent Bitcoin dip wherein BTC went as low as $32.9k had presented huge buying opportunities for investors as well as firms like MicroStrategy.
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