What was looking like a good start to the week goes to the extreme, and it turns into an excellent week. This thanks to a Bitcoin reaching a new annual maximum of more than $ 13,000, after PayPal announced the integration of cryptocurrencies to the payment processor.
Although a positive Bitcoin was seen at the beginning of the day yesterday, only the bullish momentum was developing. But with the peak reached, it may even be finished in a matter of hours.
Knowing whether the bulls are tired or not is impossible to determine exactly. The truth is that reaching the maximum of $ 13,217, the price entered an important supply zone, and the upward movement of great volatility showed exhaustion as soon as it touched it.
Perhaps that brake we saw there at $ 13,200 is nothing more than a small pause before continuing to rise, and the medium-term bullish momentum ends up extending towards the 2019 highs zone, near $ 14,000.
Today the moving averages EMA of 8 and SMA of 18 days are crossed to the upside, following the short-term trend. They are currently away from price, indicating quite developed momentum, and may soon look to pull back a bit.
The 200-day SMA, which follows the medium-term trend, is also bullish, supporting the strong gains in the price of Bitcoin in recent months, which were maintained leaving the positive sentiment intact. Today we see the fruits of this behavior materialize.
PayPal will offer Bitcoin and other cryptocurrencies to its users
There is no doubt that the catalyst that caused yesterday’s excellent momentum is the news of PayPal announcing the entry of cryptocurrencies to the famous payment processor with more than 300 million users.
Even the shares of the company itself benefited, marking a new all-time high yesterday.
It is not only Bitcoin that benefited from such important news. Other cryptocurrencies will also be offered to PayPal users, and according to leaks they are the following:
It seems that everything is converging so that we close this 2020 with a flourish in the ecosystem. And although perhaps that all-time high for Bitcoin cannot be reached this year, I don’t think it will be difficult to beat it in the near future.
What do you think? Does Bitcoin still have room to find a new annual maximum soon? Let us know your opinion in the comments!