I-Bitcoin Record New All-Time High Ngemuva Kokumenyezelwa Okukhulu Kwe-Paypal

U-Azeez Mustapha

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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.

Ishadi le-BTCUSD - 4-Hour

Amazinga we-BTC angukhiye wokubuka esikhathini esiseduze

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.

Inani eliphelele lemakethe: $ 386 billion

Inhlokodolobha yemakethe yeBitcoin: $ 236 billion

Ukubusa kweBitcoin: 61%

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U-Azeez Mustapha

U-Azeez Mustapha uchwepheshe wezohwebo, umhlaziyi wezimali, osayinisa amasu, kanye nomphathi wezezimali onolwazi olungaphezulu kweminyaka eyishumi emkhakheni wezezimali. Njengombhali we-blogger kanye nezezimali, usiza abatshalizimali ukuthi baqonde imiqondo eyinkimbinkimbi yezezimali, bathuthukise amakhono abo okutshala imali, futhi bafunde nokuphatha imali yabo.

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