Bitcoin Surges Past $16k As PayPal’s Crypto Trading Goes Live

November 13, 2020

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Bitcoin Surges Past $16k As PayPal's Crypto Trading Goes Live
Bitcoin breaking out of the ascending triangle pattern on the 1-hour timeframe

The Bitcoin bulls are back in full control of the market, as the crypto price earlier on today broke out of the ascending triangle pattern we made mention of in a previous analysis “Bitcoin Ready To Surge To $17k. Watch Out For This Key Pattern” and is currently trending higher and surging to our $17k profit target.

This bullish price surge is coming after news broke out that PayPal has officially launched its crypto trading services for all its eligible U.S customers.

This service is currently only available to its U.S based users and it allows them to trade with up to $20,000 worth of Bitcoin per week. There are also plans on the way to make this PayPal’s crypto trading services available to all its over 20 million customers worldwide by 2021.

PayPal's Crypto Trading Goes Live
Paypal launches Crypto services on its platform

PayPal is the first big Fintech company to offer this kind of crypto services in the U.S and depending on how it performs in the coming months, we can expect to see other huge names begin to step in also.

How Will This Affect Bitcoin?

This is a big step in the growth of Bitcoin and we can already see the impact of the news in the cryptocurrency market as a whole as we are seeing bullish confidence grow.

Bitcoin is leading the way in this bullish run as the price of the cryptocurrency is currently trading above the $16k level for the first time since early January.

Bitcoin Surges Past $16k As PayPal's Crypto Trading Goes Live
Bitcoin on the Daily Timeframe

This is a clear indication that Bitcoin traders and the crypto community are keeping a close eye on the new PayPal’s crypto trading services as it develops.

Important Levels To Watch

The first level to watch is our $17k target. It is also important to note that there is major resistance on the daily timeframe at the $17,200 price level.

Price analysis
Bitcoin nearing resistance on the Daily timeframe

If the Bitcoin price is unable to break through this $17,200 price region, then there is a very high probability that we might see sellers come in and try to push the Bitcoin price back down.

However, if we do break through the resistance, then a price surge to the previous all-time highs of $20k might be imminent.

Bitcoin Surges Past $16k As PayPal's Crypto Trading Goes Live
Bitcoin Daily Timeframe Analysis

To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With

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