Thursday, October 22, 2020

Bitcoin Breaks Latest Records In 2 Days!

 Bitcoin (BTC) has finally surpassed the $ 13,000 price level to reach its next value, $ 13,217 after investors reached key resistance levels at $ 11,900, $ 12,000 and $ 12,500 within 48 hours.

3 factors that led to this surge:

PayPal announcement

Starting today, PayPal users can buy and sell cryptocurrencies, including Bitcoin.

Earlier, various speculations arose about PayPal's potential to support the use of crypto assets before the firm's chairman, Dan Schulman, confirmed the news.

As a result, the price of Bitcoin jumped from $ 12,300 to $ 12,900. This record is seen to be continuing, accompanied by more investors and the media being attracted to this digital asset.

BTC dominance

Over the past few weeks, Bitcoin has performed much better than other cryptocurrencies such as decentralized finance (DeFi) and Ethereum (ETH) tokens.

Cryptocurrency technical analyst Josh Olszewicz explains BTC's position dominates high, above key moving averages.

This shows that Bitcoin is able to stay ahead of altcoins in the near future.

BTC achievements since August

The Bitcoin weekly chart proves that the asset has successfully broken the record reached in August.

In the same month, BTC set a record high in Binance, $ 12,468 before falling sharply below $ 10,000. But today's highest range brings the asset to its highest price for 2020 at $ 13,217.

Investors expect the market to calm down for a short period of time after the surge.