Bitcoin price analysis: BTC unable to push through $39K

Bitcoin price analysis for Feb 2, 2022, confirms that BTC has made $38.2K as its support. The prices rallied towards $39K in the last 24 hours after MicroStrategy bought 660 BTC, but the resistance of $39K remained unbroken. In order to confirm a move above $40K, Bitcoin needs to break above $39K. The price of BTC at the time of writing is $38.5K. 

The data from CoinMarketCap shows that the world’s biggest cryptocurrency is still 44.17% below its all-time high at $69K. The trading volume of the token rose by a mere 0.56% in the last 24 hours, followed by a 0.29% drop in the market cap. It seems that few investors have taken profit on Feb 2. 

The daily candle opened at a price of $38.6 and reached a daily high of $38.8K. However, the buying pressure was unable to keep up despite the fact that BTC entered Feb on a bullish note. As a result, BTC fell to the daily low of $38.1K. 

Bitcoin price analysis on the daily chart

Despite BTC ending January at a 19% price fall, our Bitcoin price analysis is bullish for the short term as well as the long term. Moreover, Bitcoin indicators on the daily chart turned bullish, as TheCoinRise reported. It seems that BTC is continuing at the same momentum.

Source: TradingView

After Bitcoin’s drop to $32.9K and its breakout from the lower end of the Bollinger Bands, the price action has gradually moved towards the middle of the Bands. If the token breaks into the upper end, higher prices will follow.

Source: TradingView

The MACD chart shows that the MACD line (blue) broke above the signal line (orange), confirming a bullish divergence. TheCoinRise first covered the possibility of this event in Bitcoin price analysis for Jan 28.

Conclusion

TheCoinRise is bullish on Bitcoin for the long term as the token is being adopted by Arizona as a legal tender. Furthermore, it is a fact that 90% of the total supply of BTC has already been minted, and the token is getting rarer.