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.

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Skerdian Meta
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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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