Bitcoin (BTC) Price Analysis for February 1
Buyers remain weaker than sellers, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 1.22% since yesterday.
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.
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.
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.
