The price of Bitcoin exceeded $13 thousand shortly after PayPal’s announcement regarding crypto
BTC topped $ 13,000, shortly after breaking the previous resistance level of $ 12K the day before. Bitcoin managed to reach a new high in 2020, and for the first time since July 2019, it broke the level of $13,000.
We are on the threshold of a new Bitcoin rally
The news that we have been waiting for for a long time has finally appeared, and the markets are experiencing an uptrend. The world’s largest cryptocurrency has grown by about 11 percent. In fact, the market cap reached $ 393 billion as Bitcoin partially regained its market share, just over 60%. The daily market volume exceeds $ 60 billion.
BTC and other cryptocurrencies managed to see gains shortly after PayPal announced that It would allow its customers to use cryptocurrencies. PayPal customers can now purchase goods and receive payments and services using cryptocurrencies.
This announcement by PayPal was noted as a significant step forward in the crypto market, as the payment company has more than 340 million accounts worldwide, and 26 million merchants on the network. As Bitcoin surged after the announcement, PayPal shares also jumped 5.5 percent to reach $ 213.07, another high since may this year.
PayPal’s announcement comes after a number of recent announcements from major organizations, including two public companies, MicroStrategy and Square. MicroStrategy invested a total of $ 425 million in Bitcoin, while Square invested $ 50 million in bitcoin. Other firms followed suit, including Stone Ridge Asset Management and FinTech Group Mode.
As Bitcoin hit a 15-month high after exceeding $ 13K, BTC also recently recorded the largest total cryptocurrency outflow — on October 18 since April 29. According to crypto Analytics firm Santiment, this is a clear bullish indicator for the cryptocurrency. .
Technical analysis of the uptrend
Now let’s see what the charts of the BTC and ETH demonstrate.
BTC / USD
Bitcoin broke the resistance level at 11,500, as well as $ 12 and $ 12,500, and tested 13,000. Indicators, momentum and everything else show an uptrend, but sooner or later we will have a correction. But overall, this is the moment that everyone has wanted since the beginning of the year. The king’s price call.
In any case, keep an eye on the $ 12,700 support level. It will conduct a possible check. If not, 12,500 will be even stronger. The asset is currently trading around $ 12,963, and everyone is hoping for consolidation. If this happens within a day, we won’t have to test support levels.
ETH / USD
This time, Ethereum doesn’t follow the BTC, which is good for Bitcoin, but rather has a smoother uptrend, which is good for Ethereum.
The charts show controlled growth, while the $ 400 resistance level was already tested, which held pressure — pressure that was difficult.
At the moment, Ether is trading at $408.