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

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.