The global payment giant PayPal drives Bitcoin’s price by considering the introduction of direct cryptocurrency sales.
PayPal enters the crypto space
A giant American payment service provider PayPal is said to be able to introduce services that would enable its users to buy, sell and store Bitcoins and other cryptocurrencies. The report mentions that PayPal is seeking liquidity in various crypto exchanges such as BitStamp and Coinbase.
Recent BTC behaviour
Bitcoin’s recent movements remain above key resistance levels, which may cause the rally to resume to exceed $10,000. The chart shows an increase to $9,700 after PayPal’s announcement. The news helped Bitcoin improve its short-term growth character. The best analysts in the industry saw PayPal’s involvement in Bitcoin as a signal of the growing popularity of the crypto trend.
source: TradingView
Bitcoin pump
Traders used PayPal’s narrative to raise the BTC rate to as much as $9.792. Thanks to the news, it was almost possible to exceed the level of 9,800 dollars, which only highlights the value PP can bring to the market.
On Tuesday, the price dropped slightly to the level of $9.637. However, this did not stop analysts from predicting a prolonged increase towards $10,000. According to industry specialists, maintaining support levels above $9,600, Bitcoin has enough space to reach new peaks in the long term.
$BTC closing above $9,600 resistance. Pretty good signal that there is more upside left. pic.twitter.com/6cVCptdNna
— IncomeSharks (@IncomeSharks) June 23, 2020
According to other popular Twitter trader, pushing over $9,600 will open the way for Bitcoin to not only $10,000, but even $12,000. If new levels of resistance become support, such results are most likely.
If you're a bear, this is where you short imo. Swept the highs right into daily supply. Clean invalidation level.
I'm in a short here because I think if we start breaking above 9.9k – 10k's we see 12k+. #btc
— George (@George1Trader) June 23, 2020
Problems on the road
The problem that stands in the way of the new peaks remains the quite high sales pressure of around $9,700 to $10,000 and the high correlation with traditional markets in recent times. In some cases, the crypto has fallen below $9,000 since May 6, and has seen stagnation in recent weeks.
The current pump differs from previous ones according to many analysts. Bear investors’ short term attitude does not help to exceed $10,000, but the current high correlation between BTC and S&P 500 may help to exceed this important level. Recent results on the stock exchange are positive and have certainly raised investors’ spirits for further increases to $10,000.
