Crypto Market Analysis: Bitcoin Hits $13.9K as PayPal Buzz Continues

November 3, 2020, by Cris
Crypto Market Still Buzzing After PayPal Moves to Accept Crypto Payments
Crypto Market

The price of Bitcoin touched the key resistance level 12 years after the mysterious Satoshi Nakamoto wrote the coin’s whitepaper. The initial document explaining the technology and goals of BTC was written on October 31st, 2008 as the world was engulfed in the previous financial crisis. An entire cryptocurrency universe has risen over those years and it’s fitting that Bitcoin is now rising amidst another financial crisis.

The price of Bitcoin is still seeing support as the market still buzzes over the news that payments giant PayPal will begin accepting BTC and Litecoin as payment options. The payments giant will roll out the full cryptocurrency service in 2021, where their 400m users and 26m merchants will be able to “buy, sell, and hold” Bitcoin and Litecoin.  

One of the most important points of Bitcoin’s rally in the last two weeks is that stocks and commodities are struggling as risk builds in the financial system. BTC has broken its correlation with those assets as the coin is less vulnerable to the coronavirus spread. Oil demand is set to fall, while central banks are slowing their gold purchases. Stocks are struggling as the market readjusts its expectation for a speedy economic recovery in light of a second wave.

The $13,900 price level is important as it the last key obstacle to the all-time highs near $20,000. If BTC can find support here into the year-end, then 2021 could see the coin hitting mainstream audiences again.

The price of Litecoin retreated from a surge to the $60.00 level to trade at $56.00 on Monday. The next upside target for LTC is at $80.00. Further gains in BTC could see LTC back in the $80-100 range.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.