The Bitcoin price climbed on Monday suddenly upwards, as traders expect the global payment giant PayPal in the future may offer direct crypto sales.The unconfirmed report had the BTC/USD exchange rate up to 9.792 $ are on the rise.Observers can now see that the Pair is holding above the crucial resistance levels – what could propel its rally in the direction of $10,000.
Bitcoins steady upward correction of his weekend deep in 9.161 $ on Monday, has gained momentum after it became known that the technology giant is reportedly planning to direct crypto sales offer.
Paypal is entering the crypto space
The global payment company, PayPal could introduce according to Reports, services that allow users to buy Bitcoin, sell, and save. The report also mentions that PayPal liquidity seeking by multiple crypto exchanges, including BitStamp and Coinbase.
The Bitcoin price chart from TradingView.com shows the increase 9.700 $ according to the news from PayPal. Source: TradingView.com
The rumor helped Bitcoin to improve its short-term bullish orientation. Top analysts saw the potential involvement of PayPal in the Bitcoin market is a Signal of the growing acceptance of the mainstream.
“[The message] instantly expand the potential investor base of Crypto an order of magnitude,” commented the data aggregator company Messari. PayPal worldwide has introduced more than 300 million users such As Paul Tudor Jones in his letter of may, to build bull markets have been on an ever-expanding universe of buyers.
Traders use the PayPal-Thesis, in order to drive the BTC/USD exchange rate during the late U.S. trading on up to $ 9.792.
To diminish at the beginning of Tuesday, the Pair a part of his profits slightly, and fell by 0.55 per cent to $9.637. That did not stop leading cryptanalyst, however, a vast upward movement in the direction of $ 10,000 to to introduce.
A prominent Analyst believes that Bitcoin have by maintaining a Support threshold of more than 9,600 $ is sufficient room for further movement upwards.
Screenshot of the Bitcoin prediction from the Twitter account of Income Shark. Source: Twitter
The only Problem was a high selling pressure in the range of 9,700 to 10,000 dollars remains. Since the 6. In may 2020, Bitcoin has reversed more than seven Times its Upward trend from the above-mentioned range. In some cases, the price even fell below 9,000 $ – a level that has, nevertheless, served repeatedly as a decent Pullback trigger for Bitcoin.
A crypto-Trader is of the view that the current Pump is different from the previous one. He says he can change his short-term orientation of the “bearish to bullish” and commented that the Bitcoin price in the coming sessions, will the $10,000 mark by the break. Excerpts from his statements:
“My bear idea has been refuted, and I think that this thing is in a macro-economic context overall, bullish looks, I would argue that the prices are probably about$ 10,500 in be. At the forefront is the US, considering that we will press in the medium term upwards.“
The comments related to the growing, but still scary, positive correlation between Bitcoin and the S&P 500. It seems, therefore, that the crypto-currency since March 2020 in the US Benchmark Index had to contend with either after or forward end of gains and losses. Even on Monday, both markets closed higher.
While Futures linked to the S&P 500 indicated to open in the US Session in green. This has also reinforced the hope of Bitcoin to continue climbing in the direction of $ 10,000.