Bitcoin price analysis for Jan 31, 2022, comes with the acknowledgment of the fact that BTC monthly candle for January is ending at a 19% loss as compared to the month of December. The prices did move upwards to $51K due to the Santa Rally in December but have since then declined by a significant amount.Â
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The data from CoinMarketCap shows a 3.76% surge in trading volume followed by a 2% decline in the market cap. The world’s biggest cryptocurrency has seen worse. Research from TheCoinRise from 2019 claimed that 32% of Europeans believe that crypto is the future.
These numbers have grown by a massive amount in the past three years and are only going to get bigger as Europe has emerged as the most active cryptocurrency region in the whole world, as per a previous report by TheCoinRise. So, for the long term, our Bitcoin price analysis is definitely bullish.
Bitcoin price analysis on the daily chart
Talking about technical aspects, the Bitcoin price analysis will be done using the indicators below.
The Accumulation/Distribution line in the chart above shows that the line is now making higher highs as investors are buying the current dips. With Arizona planning to adopt BTC as legal tender, the countrymen might be stacking their wallets with BTC.
The Coppock Curve is forming lower lows which means that BTC is undergoing a decrease in volatility and is also falling lower in prices. A major downtrend was witnessed, following which the line is now preparing for an uptrend.Â
Conclusion
Bitcoin has seen increased adoption from small and large industries. We recently reported that Bitcoin is accepted for lap dances and tips at the Crazy Horse 3 club in Las Vegas. Moreover, the founder of SkyBridge Capital, Anthony Scaramucci, believes that BTC will reach $500,000 in the near future. With such bold predictions in place, buying BTC right now is definitely a good deal.
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