127 days ago • Posted by Charles-Henry Monchau
What's going on with Bitcoin?
Bitcoin is up over 4% this morning, crossing the $12,000 key level and knocking on the door of a 52-week high. A trigger for the move is Paypal which said it will allow users to buy and sell cryptocurrencies in their accounts and use those funds to pay merchants, which gives increased/easier accessibility to bitcoin among Paypal customers. From a longer-term perspective, bitcoin isn't just on the verge of a 52-week high. If it rallies another $400 from here, it would also take out its summer high from 2019 forming a loose cup and handle pattern in the process. While most people think the highs from late 2017 wouldn't be seen for years at the earliest, if the 2019 highs are taken out, the conversation among crypto traders will inevitably shift focus back to those levels - source: Bespoke