On Oct. 21 Bitcoin price overtook the $13K mark to reach $13,217 after traders took out key resistance levels at $11,900, $12,000, and $12,500 in the last 48-hours.
The three catalysts are a favorable technical structure, PayPal enabling cryptocurrency purchases, and Bitcoin's rising dominance rate.
Earlier today, PayPal officially announced that it is allowing users to buy and sell cryptocurrencies, including Bitcoin.
Following PayPal's statement, the price of Bitcoin immediately rose from around $12,300 to as high as $12,900.
"Bitcoin passing $13,000 today, a 16-month high, demonstrates that this trend is only picking up pace. That PayPal, a household name, has received a conditional BitLicense is likely propelling bullish sentiment. Today is significant as a signpost for further price appreciation in the future the point by which mainstream media and 'mom and pop' retail investors may soon start to show interest in the asset, as they did in late 2017."Bitcoin dominance is rising.
In the past week, Bitcoin has outperformed alternative cryptocurrencies, decentralized finance tokens, and Ethereum.
Technically, this suggests that Bitcoin could continue to outperform altcoins in the near term.
Throughout October, traders have pinpointed the favorable technical structure of Bitcoin on the higher time frames.
Bitcoin's weekly chart, in particular, has shown a breakout and surpassed the previous local top achieved in August.
As mentioned earlier, today's high volume surge took the price to a new 2020 high at $13,217, which is well above the previous local top.
Here's what traders expect after Bitcoin price rallied to $13,217
Udgivet den Oct 22, 2020
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.