The crypto market in general is full of positivism, after Bitcoin reached a new annual high thanks to PayPal.
What was looking like a good start to the week goes to the extreme, and becomes an excellent week. This is thanks to a Bitcoin reaching a new annual high of more than $13,000, after PayPal announced the integration of crypto currencies into the payment processor.
Although a positive Crypto Bull was seen yesterday at the beginning of the day, only the upward momentum was in development. But with the peak already reached, it’s possible that it will even be over in a matter of hours.
Whether the bulls are tired or not is impossible to determine exactly. The truth is that at the peak of $13,217, the price entered an important supply zone, and the highly volatile bullish movement showed exhaustion just by touching it.
Perhaps that brake we saw there at $13,200 is no more than a small pause before continuing to climb, and the medium-term bullish momentum will end up extending towards the 2019 high, close to $14,000.
Today the 8-day EMA and 18-day SMA moving averages are crossed upwards, following the short term trend. They are currently far from the price, indicating a fairly developed momentum, which may soon look to reverse a bit.
The 200-day SMA, which follows the medium-term trend, is also bullish, supporting the strong gains in the Bitcoin price over the past few months, which have kept the positive sentiment intact. Today we see the fruits of this behavior materializing.
Daily Bitcoin vs Tether chart after Paypal price push. Source: TradingView. Daily Bitcoin vs Tether chart after PayPal price push.
PayPal will allow crypto currencies like Bitcoin and Ethereum
PayPal will offer Bitcoin and other crypto currencies to its users
There is no doubt that the catalyst behind yesterday’s excellent momentum is the news from PayPal announcing the entry of cryptomonies into the famous payment processor with more than 300 million users.
Even the company’s own shares benefited, marking a new historic high yesterday.
It’s not only Bitcoin that benefited from this important news. Other crypto currencies will also be offered to PayPal users, and according to leaks are the following:
It seems that everything is converging for us to close this 2020 with a flourish in the ecosystem. And although perhaps that historical maximum of Bitcoin can’t be reached this year, I don’t think it will be difficult to surpass it in the near future.
What do you think, does Bitcoin still have room to look for a new annual high soon? Let us know your opinion in the comments!