Bitcoin (BTC) – the number one cryptocurrency set a new 2020 milestone this week, as it hit the $13,200 price mark; a level not seen since July 2019.
The huge rally comes weeks after BTC had stayed stable in a tight-range between the $11,540 and $12,000 region.
At this time, Bitcoin has also set a new record of 89 days above $10,000; as it beat its previous 62-day record to set a new high price for the year.
Interestingly, while Bitcoin’s pump is attributed to many factors, its rally to $13,000 and above is fundamentally linked to the announcement by big US firm PayPal which revealed this week it will be launching a crypto buy, sell, and hold feature on its online wallet.
The news followed an instant 7% ($1,000) price increase on the day as the cryptocurrency community welcomed over 346 million PayPal users to its fold.
Despite BTC correcting to $12900-$12930-$13,020, Bitcoin bulls remain enthusiastic that the crypto may have broken out of its sideways accumulation zone seen in the past weeks.
Analysts say maintaining the current bullish sentiment above $12,000, will move price towards the $13,800 multi-year resistance, with healthy corrections expected along the way.
Beyond $13,800, it is expected that Bitcoin will have little or no resistance on the way to reclaiming its all-time high price above $19,800.
₿. Bitcoin closed above $13,000 this Saturday. This is the first time in over two and half years (Jan.15 2018).
₿. Bitcoin has gained 82% from Year-to-Date. From 7194.24 USD on January 1, 2020.