After struggling to gain momentum throughout the past few weeks, Bitcoin has now entered a firm bull trend as its price rockets up towards fresh yearly highs.
The cryptocurrency is currently trading at the highest price seen since earlier this year, with bulls appearing to be in firm control of its short-term trend.
This trend is now leading BTC up towards $13,000 – a level that has not been breached since the June of 2019 rally that sent the crypto towards $14,000.
This time is different than before, as the benchmark cryptocurrency is being driven by immense underlying strength.
PayPal’s decision to provide its users with access to buying, selling, and storing cryptocurrency is one catalyst behind today’s move.
Bitcoin Rockets Towards $13,000 as Buying Pressure Mounts
At the time of writing, Bitcoin is trading up just under 4% at its current price of $12,380. This marks a massive surge from its recent lows of $10,200 set just a few weeks ago.
The cryptocurrency is facing some resistance at $12,500, it seems, as sellers are aggressively offloading their holdings each time its price reaches this level.
This rally will likely persist in the near-term if bulls continue holding BTC above $12,000.
PayPal Sparks a New Sense of FOMO Amongst Investors
The latest leg higher came about following reports of PayPal entering the crypto market, allowing users to buy, sell, and store Bitcoin and other digital assets like Ethereum.
As Reuters reported earlier today:
This is the latest major name in FinTech to involve itself with the nascent market, as Square recently made headlines with its decision to purchase $50 million worth of Bitcoin to be held on its balance sheets as a reserve asset.
Featured image from Unsplash. Pricing data for BTCUSD from TradingView.
Originally from Bitcoinist.com https://ift.tt/3m476So
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