Bitcoin Prices Soar Towards $12800 As PayPal Allows US Customers to Hold Bitcoin

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Written By: Eno Eteng (MSTA)

Oct 21, 2020, 16:17 BST 16:17

BTC

Summary:

Bitcoin prices soar towards $12800 as PayPal announces that its US customers can now exchange/hold Bitcoin, Ethereum and other major cryptos.

After years of not wanting to have anything to do with cryptocurrencies, PayPal has announced that its US customers will soon be able to buy Bitcoin with their holdings, sending Bitcoin prices to new 2020 highs at just under $13,000.

Bitcoin prices on the BTCUSD charts surged above $12,800 this Wednesday after the e-payments giant PayPal announced that its US customers would be able to hold, buy and sell Bitcoin and other major cryptocurrencies. This announcement has triggered a significant buying surge that has taken the number one cryptocurrency to new highs for 2020.

Bitcoin is now up 6.74% on the day as at the time of writing, peaking at intraday highs of 12865.00.

Technical Outlook for BTCUSD

The pair is challenging multi-year resistance at 12824.54, which is the site of highs last seen on 9 July 2019. A break of this area targets the 10 July 2019 highs at 13163.48, with 13809.27 lining up as a potential upside target.

On the flip side, rejection from this price level could trigger a pullback towards 12467.48, with the previous supply zone now reversing roles to become a possible demand zone at 12000 price level. This area will renew its function as a supply area if Bitcoin prices drop to 10930.82.

BTCUSD Daily Chart

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.