Bitcoin Heads for the Highs Above $ 48,000, After Bouncing Off the 20 SMA
Bitcoin has bounced off the 20 SMA again on the H4 chart
Bitcoin has resumed the bullish trend again in February, after stalling in January for a breather. In the first week of january BITCOIN moved above $ 40,000, but it retreated below $ 30,000 last month, to refresh the trend before the next assault to the upside.
Elon Musk helped the situation further, with his #Bitcoin comment on Reddit and then buying $ 1.5 billion worth of Bitcoin. He also announced that his company Tesla would adopt Bitcoin as a means of payment, which improved the sentiment further.
The price increased above $ 48,000 after bouncing off the 20 SMA (gray) last week. Yesterday we saw a pullback, but the retrace down ended once this moving average caught up with the price, which shows that the bullish momentum is still strong.
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