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

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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. 

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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.

Bitcoin price analysis

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

Bitcoin price analysis

Source: TradingView

 

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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.

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