Bitcoin (BTC) Price Analysis for February 1

Thu, 1/02/2024 – 18:00

Cover image via www.tradingview.com

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Buyers remain weaker than sellers, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The price of Bitcoin (BTC) has dropped by 1.22% since yesterday.

Image by TradingView

Despite today’s decline, the rate of BTC remains bearish on the hourly chart. If the daily bar closes near the $41,900 zone, the accumulated energy might be enough for a further decrease to the $41,500 zone.

Image by TradingView

On the bigger time frame, one should pay attention to the $42,000 area. If bulls lose it, the correction is likely to continue to $41,000. Such a scenario is relevant until mid-February.

Image by TradingView

From the midterm point of view, the price of BTC keeps falling after a false breakout of the recently formed resistance level of $43,566. 

If the bar closes far from that mark, one can expect a test of the vital zone of $40,000.

Bitcoin is trading at $42,038 at press time.

SOURCE

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