Bitcoin price analysis: BTC stuck at $41.4K

Bitcoin price analysis for Feb 6 confirms that Bitcoin is stuck at $41.4K, which seems to be new support for the world’s biggest cryptocurrency. Moreover, it is also important to note that the surged from 41,038.10 to $41,847.16 in the last 24 hours. Meanwhile, the hopes of Grayscale for approval of the conversion of GBTC into BTC ETF have been broken. 

The data from CoinMarketCap shows that the trading volume of Bitcoin has declined by nearly 43.64% in the last 24 hours, followed by a minute change in the market cap. On the other hand, the market dominance of the token rests at 41.47%. It is also to be noted that recently, Ted Cruz, a Senator from Texas, bought the Bitcoin dip. 

The daily chart for Bitcoin started at a price of $41,382 and reached a daily high of $41,6K. Moreover, the daily low for the token rests at $41,305. We saw Bitcoin reach an important price region of $41.6K following huge pressure from the bulls, as per our Bitcoin price analysis for Feb 5, 2022. 

Bitcoin price analysis on the daily chart

The data on the daily charts below suggests that Bitcoin price analysis aims for important support zones in the near future. The RSI line has challenged the middle region and broke above it. On the whole, Bitcoin is now bullish as the value of the RSI is 55.52. BTC has jumped past after being oversold as per Bitcoin price analysis for Jan 23, 2022.

Source: TradingView

The Accumulation of Bitcoin has once again started making new highs, and it can be said that with companies like MicroStrategy buying the Bitcoin dip, the popularity of BTC is at an all-time high.

Source: TradingView

Conclusion

Bitcoin price analysis on the daily chart shows that the world’s biggest cryptocurrency is now looking to break into higher highs and form an uptrend. But, the support of $41.5K needs to hold.