Bitcoin price analysis: BTC surprises investors, reclaims $41.5K

Bitcoin price analysis for Feb 4 brought a surprise for investors as the world’s biggest cryptocurrency reclaimed $41K, a major region of resistance and support for the token. Moreover, BTC dropped below $41K as per our Bitcoin price analysis for Jan 19, 2022. The next resistance zone for the stands between $42K and $43K, as per our BTC price analysis for Jan 17, 2022.

The data from CoinMarketCap shows that the trading volume of BTC rose 59.99% in the last 24 hours. This was followed by an 11.09% in market cap, which now aims for the $800 billion level. The volume/market cap ratio stands at 0.03939, with a market dominance of 41.49%. 

The daily candle for Bitcoin started at a price of $41.5K and reached a daily high of $41.9K. However, the token wasn’t able to enter the $42K region as a result. It is also to be noted that the daily low for Bitcoin stands at $41.1K. As seen in our Bitcoin price analysis for Feb 4, the indicators have turned bullish. 

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart suggests that the world’s biggest cryptocurrency is aiming for $43K level resistance. On the other hand, the daily chart below shows that the A/D line is making higher highs which means that BTC will make a move towards $49K soon.

Source: TradingView

The RSI line has entered the bullish region, and the line is at the 56-mark. It seems that the buying pressure for BTC has surged. The BTC dip was recently bought by MicroStrategy. 

Source: TradingView

Conclusion

Bitcoin price analysis on the daily chart shows that BTC has a huge potential for further upside. Moreover, Bitcoin may soon be accepted as a legal tender in Arizona, and investors have put a huge price tag on the world’s biggest cryptocurrency. The founder of SkyBridge Capital, Anthony Scaramucci, believes that BTC will reach $500K soon.