Bitcoin Shows No Sign of Bullish Slowdown, Records New YTD High

Bitcoin Shows No Sign of Bullish Slowdown, Records New YTD High

Bitcoin (BTC) has, by some stroke of luck, avoided all three unfilled CME gaps this week and has gone on to record its highest level since July 10, 2019, at $13,261.

The main catalysts for the one-of-a-kind bull rally was the announcement made by Paypal yesterday, stating the payment solution behemoth’s plan to begin facilitating BTC and other digital currency payments.

A recent report from Datamish showed that the Paypal-induced rally precipitated a $70.8 million short squeeze on BitMEX, as a staggering $31 billion found its way back into the cryptocurrency market amid yesterday’s rally. This activity undoubtedly helped BTC rise beyond $12k and $13k levels, as bears bought back into the benchmark cryptocurrency to cover their losses.

Meanwhile, this remarkable Bitcoin performance was, once again, contradictory to what happened on Wall Street. Yesterday, the S&P 500 closed down by -0.22%, while the Nasdaq 100 (NDX) dropped by -0.11%, and the Dow Jones (DJIA) dipped by -0.04%. 

In other news, it appears that Altcoins are finally following in the footsteps of Bitcoin, following an extended period of stagnation as BTC scaled previous hurdles some days ago.

BTCUSD -4-Hour Chart

Key BTC Levels to Watch in the Near-Term

Bitcoin traded through today’s session in an aggressively bullish manner as it renewed its YTD high around $13,260. The next major level on the upside for BTC is the $13,500 resistance followed by the $13,800 mark (2019 high). 

However, we expect a mild retrace in the coming days to the $12,500 mark, where the crypto will likely come in contact with dip-buyers. That said, a sustained drop below the $12,500 mark could end the prevailing bull-run.

Total market capital: $399 billion

Bitcoin market capital: $243 billion

Bitcoin dominance: 60.9%

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.