Paypal Triggers Crypto Rally. BTC And ETH Surging!

October 23, 2020

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The crypto market has been having one of its best weeks so far as positive fundamentals continue to push the crypto price higher. Paypal as also joined the trend, announcing its big plans to enter the crypto market.

This announcment led to a 7.19% rally in the Bitcoin price as the bulls took advantage of the news to push Bitcoin to new highs for the year 2020.

Paypal Triggers Crypto Rally. BTC, ETH And Link Surging!

This new service will see the FinTech giant offering its numerous users and its over 26 million merchants around the globe the ability to complete all online transactions using Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

The Paypal crypto service is scheduled to launch for only US users in the coming weeks and for international users early next year.

This move will make PayPal a major digital wallet as well as one of the biggest cryptocurrency exchange due to its already large user base. This development will also help in the growth and mass adoption of cryptocurrencies among everyday users as a valid means of payment.

How Is The Crypto Market Reacting?

Ever since the news came out, we have seen it trigger a crypto rally with Bitcoin surging more than 7% and smashing through the $12,000 resistance level we talked about in the previous article titled “Investors Piling Into Bitcoin As Dow Jones Crashes

With this $12k resistance level broken, the next target to aim for in the coming days is the $13k Daily resistance level.

price action

If Bitcoin fails to break through this level in the coming days, then there is a very high probability that we might see Bitcoin reverse and crash from this region.

However, if Bitcoin, breaks through this $13k resistance, then there is a high probability that we can expect to see a massive bull run with Bitcoin surging as high as the $20k region in the coming weeks or months depending on how the bulls react.

Bitcoin rally

ETH Price Also Surging

We also saw a massive surge in the ETH price with the Altcoin breaking through the $358 resistance level and reclaiming the $400 price region.

ETH Price Also Surging

As far as the ETH price stays above that $358 resistance level turned support, there is a very high probability we will continue to head higher in the coming days.

However, if ETH fails to hold that support and instead closes below it, we can expect to see more downward pressure come into the market and push the price lower in the coming days.

We also created a video here: ‘link‘ where we talked about the current price surge in the Crypto market as well as the current decoupling between the Stock market, and the Bitcoin market and the commodity market.

For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization

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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