Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher?
Rumors broke earlier this year that PayPal would be changing its tune on cryptocurrencies and would soon be supporting Bitcoin and other assets. Today, however, Reuters reports that PayPal revealed it would indeed be offering cryptocurrency payments across the 26 million merchants on its network starting in early 2021.
Bitcoin Price Tries Again For $12,400, Comes Up Slightly Short Of New Yearly High
Bitcoin has already been extremely bullish over the last several months, and with each passing week and day, is picking up in momentum.
A string of positive news starting with Square Inc, revealing its purchase of 4709 BTC, kicked the bull run into overdrive the last ten days or so.
Over the last 48 hours, Bitcoin has grown by nearly $1,000, with the latest $100 push taking place this morning following the reveal that PayPal would be supporting the cryptocurrency asset class with open arms.
Bitcoin fails to breach the current 2020 high... for now | Source: BTCUSD on TradingView.com
But Could The PayPal News Pump BTC Through Resistance?
The leading cryptocurrency by market cap came up short, however, failing to set a new 2020 high as of this writing. But with such bullish news only just now breaking, a push through resistance is very possible.
If Bitcoin can set a higher high for 2020, following the higher low on Black Thursday, an uptrend would be confirmed and a major buy signal printed.
The higher high would also be a confirmation of a breakout and retest of bear market resistance and could allow the top cryptocurrency to race back toward 2017 highs.
Featured image from Deposit Photos, Chart from TradingView.com
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Tony Spilotro, @KhareemSudlow