Traders expectations as Bitcoin price rallied to $13,217.
The price of bitcoin just secured a new 2020 high and traders expect the price to rise higher for 3 key reasons.
The three catalysts are: A favorable technical structure, PayPal enabling cryptocurrency purchases, and Bitcoin’s rising dominance rate.
On Oct. 21 Bitcoin (BTC) 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.
PAYPAL’S CRYPTO ANNOUNCEMENT ADDS TO BTC’S MOMENTUM.
PayPal has officially announced that it is allowing users to buy and sell cryptocurrencies, including Bitcoin.
The past year, speculations on PayPal’s potential cryptocurrency integration continuously intensified after various reports claimed the company was working on it.
Dan Schulman, the president and CEO of PayPal, has officially confirmed the cryptocurrency integration.
Following PayPal’s statement, the price of Bitcoin immediately rose from around $12,300 to as high as $12,900.
Bitcoin dominance has rising in the past week, Bitcoin has outperformed alternative cryptocurrencies, decentralized finance (DeFi) tokens, and Ethereum.
A cryptocurrency technical analyst, Josh Olszewicz, said the dominance of BTC is above a key average. Technically, this suggests that Bitcoin could continue to outperform altcoins in the near term.