Bitcoin struggles at $44K: Indicators say that time for breakout has arrived

Bitcoin price analysis on the daily chart uses 3 major indicators to predict the future price trajectories that the token might follow.
Bitcoin price analysis on the daily chart uses 3 major indicators to predict the future price trajectories that the token might follow.

Bitcoin price analysis for Feb 17, 2022, can be confirmed on a sluggish note as once again, the world’s biggest cryptocurrency has failed to break above the $45K price region. Investors should expect BTC to break above this price resistance for indicators remain bullish. As per our Bitcoin price analysis for Feb 17, 2022, the hash rate for BTC has peaked, indicating a surge in transactions.

The data from CoinMarketCap shows that the trading volume of the token dropped 11.44% in the last 24 hours, followed by an 0.08% drop in the market cap during the same period. The Market Dominance of BTC fell to 42%, while the Volume / Market Cap reads a value of 0.02326. 

The daily candle opened at a price of $43873 and reached a daily high of $44164. On the other hand, the daily low for the token stands at $43822, while the price of 1 BTC at the time of writing is $43894, just above $44K. 

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart uses 3 major indicators to predict the future price trajectories that the token might follow.

Bitcoin price analysis
Source: TradingView

The RSI indicator continues to make higher highs which means that the bulls are currently in control, and if the situation remains the same, investors can expect higher prices in the near future. Moreover, the gradient of the line is nearly neutral, as bulls and bears are evenly matched.

The MACD indicator confirms that the MACD line (blue) continues to progress above the signal line (orange), which means that buying pressure is defeating the selling pressure, and higher prices might be possible. 

The price action has broken above the middle zone of the Bollinger Bands and now aims to break out from the upper end of the Bands. If successful, we might witness a bullish outburst of Bitcoin, finally breaking $45K. 

Conclusion

Bitcoin has been chasing $45K for a long time, and investors can expect it to break this resistance in the near future. 

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