Bitcoin Records New All-Time High Following Major Paypal Announcement

Bitcoin Records New All-Time High Following Major Paypal Announcement

The newly found bullish momentum in Bitcoin (BTC) has been unrelenting over the past few days. The benchmark cryptocurrency has grown by about $2,500 since its monthly low at $10,377.

All through sep[tember, BTC traded on a directionless bias. At some point, analysts worried that the price could fall sharply to fill the (still unfilled) CME gap 1 at $9,600. 

However, all these changed in October after the cryptocurrency began to see little bullishness. This bullishness reached a peak today following a major announcement from Paypal.

Paypal, which is recognized as the world’s largest online payment facilitator, announced that its customers will now be able to buy, sell, and store Bitcoin and other cryptocurrencies. The program will be available only to US customers in the coming weeks and subsequently to other parts of the world in the first half of 2021.

The CEO  of Paypal, Daniel Schulman, has expressed his hopes of this encouraging further use of virtual currencies, as well as prepare its network for CBDCs when they are finally ready.

As expected, Bitcoin reacted dramatically to the news and spiked from a low of $11,900 to a high of $12,930 under just a few hours.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term

BTC has shown extreme bullish continuation over the past hours and has recorded a new all-time high near $13,000. In the meantime, we could see a mild retrace to the $12,500 support (previously a strong resistance) where it could be met by dip-buyers. Given the current momentum, we could see a $13,000 BTC price tag in the coming days. 

What’s certain is that bears have been displaced and are completely powerless at this time.

Total market capital: $386 billion

Bitcoin market capital: $236 billion

Bitcoin dominance: 61%

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.