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Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher?

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 2 mins read
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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.

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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 btcusd

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.

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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

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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