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Bitcoin Heads for the Highs Above $ 48,000, After Bouncing Off the 20 SMA

Skerdian Meta•Thursday, February 11, 2021•1 min read

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.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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