Bitcoin Remains Bullish As More Prominent Figures Comment on the Recent PayPal Move

Bitcoin Remains Bullish As More Prominent Figures Comment on the Recent PayPal Move

The recent decision by PayPal to integrate Bitcoin (BTC) into its network continues to act as a major attraction for the cryptocurrency to popular individuals. The latest prominent figures to endorse this move are the Head of Facebook Financial, David Marcus, and Social Capital CEO, Chamath Palihapitiya.

PayPal recently announced that users of its platform would be able to make Bitcoin transactions from this week. However, this service will only be available for US users for now. This announcement is arguably the most significant development with the cryptocurrency industry in recent weeks.

Apart from the frenzied reaction that the news elicited from the market, the community also admits that this is a major bullish development for the market.

That said, many believe that this is just the beginning of corporate cryptocurrency integration and that more centralized and prominent establishments (like banks) will hop on the trend.

David Marcus weighed in on the news recently, stating that the crypto industry is “turning a corner” and banks will begin to seek Bitcoin and stablecoin support, lest they are left in the wind.

Chamath Palihapitiya also took the same stance as Marcus, adding that many major banks are having meetings on how to support Bitcoin as “it is no longer optional.” Palihapitiya is a very vocal Bitcoin supporter and is a very early BTC investor.

BTCUSD – 4-Hour Chart

Key Bitcoin Levels to Watch in the Near-Term

Bitcoin has continued on its consolidation phase for the fourth consecutive session between the $13,357 YTD high and the $12,895 support.

Meanwhile, the benchmark cryptocurrency has refused to maintain a decline below the $12,895 support multiple times now, indicating that its bullish momentum is not exhausted yet. At this time, the crypto’s next move is still uncertain.

The main resistance levels are $13,357, $13,500, and $13,800. The major support levels to watch are $12,895, $12,500, and $12,000.

Total market capital: $392 billion

Bitcoin market capital: $241 billion

Bitcoin dominance: 61.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.