Bitcoin price analysis on the daily chart for Feb 9, 2022, confirms that the token has fallen 2% from the previous resistance of $45K. As per our Bitcoin price analysis for Feb 8, 2022, BTC aimed to break the resistance zone of $45K-$48K but was unable to push through. However, the current price level of $43K remains as support, which was lost on Jan 17, 2022, as per our BTC price analysis.
The world’s biggest cryptocurrency is indeed very popular among institutions. These institutions are a major reason why Bitcoin rallied 12% in the last 7 days. Recently, FTX US planned a unique giveaway to promote BTC, and the Canadian division of the professional services network KPMG added Bitcoin (BTC) and Ethereum (ETH) to its company treasury.
The data from CoinMarketCap shows that the trading volume of Bitcoin has surged 15.61% in the last 24 hours, followed by a 2% price decline and a 2.35% decline in the market cap. Moreover, the token is 37.09% shy of its all-time high with a Market Dominance of 41.64% and a Volume / Market Cap Ratio of 0.03976.
The Bitcoin price analysis for Feb 9 also shows that the token opened the daily candle at a price of $44K and reached a daily high of $44.3K. The token aimed to break $45K but wasn’t able to and fell to the daily low of $43.1K, which remains as support.
Bitcoin price analysis on the daily chart
Bitcoin price analysis on the daily chart shows that the world’s biggest cryptocurrency aimed for a breakout from the upper end of the Bollinger Bands but failed to do so.
Moreover, Bitcoin has reclaimed the 50-day Moving Average, which will now act as important support while the 100-day Moving Average remains at a far distance.
Bitcoin price analysis for Jan 9, 2022, is concluded on a bullish note as we might see BTC finally break above $45K in the coming days. However, another important resistance is present in the $47K-$49K zone.