What is the reason for Bitcoin’s new bullish movement?

Last February 8 was a key day for Bitcoin, as it registered USD 46,794 and with it raised a new all-time high that shakes the crypto scene and invites us to think about the possible triggers for said movement.

Giving continuity to that long-awaited bullish run, the price of Bitcoin was responsible for destroying its resistance and, in the process, achieving a strikingly high weekly close that has been more than enough for many to already find in sight, the necessary conditions to speculate around renewed optimism.

Bitcoin price rises again

The so-called first currency of a decentralized nature, started 2021 on the right foot, which is reflected in the relevant stock indices that have been showing between January and so far in February.

Now, analyzing what happened in the week between February 1 and 8, things are getting better because the rise in the price of the digital currency could conclude in a closing of USD 38,795, a key figure, since, until now, a closing of this nature was not known for BTC.

Moving on to what happened on February 9, the price changed again and touched USD 47,910, a figure that, as expected, will continue to fluctuate, but respecting the margin of 41,300, which from the outset is assumed to be another achievement.

All this inevitably leads us to reflect on what exactly is happening in this competitive market.

The trigger for the BTC bull run

With everything that is happening, it is not an exaggeration to suggest that the Bitcoin is getting closer to the USD 50,000 mark And since March 2020, this crypto has already gained approximately 1,150%.

Thus, between leaps and bounds, the revelation of some documents that confirm the investment by vehicle manufacturer Tesla of 7.7% of its cash into Bitcoin, which means that BTC will from now on be an active part of your balance sheet.

The incorporation of Bitcoin into Tesla’s strategic reserves is a reality that contributed to the price of Satoshi’s cryptocurrency skyrocketing, which in turn allowed a new capitalization estimated at more than USD 800 billion to be verified.

With much of the expectation in the rally that Bitcoin is waging, it is worth mentioning that there is already talk of the probability that, at a certain time, Tesla will allow its customers to pay using BTC, which would further strengthen the retail market.

To conclude, it is appropriate to note that this streak has served different altcoins to increase profits, such as assets such as Tetha and Polkadot; For the rest, general sentiment once again accumulates reasons to adhere to this fusion between technology and finance, which is now a consistent evolution of the general discontent caused by the economy and more specifically, traditional banking.