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$73K Is the Next Key Level As PayPal Begins Bitcoin Payments

Summary:
Bitcoin price began a rebound since the start of the week. It is once again approaching current record highs, handing the price baton back to the bulls. At 17:06 GMT on Tuesday, the price of a Bitcoin was trading at ,791, a gain of 1.8% over the last 24 hours. In the run-up to the options expiry last Friday, Bitcoin saw price corrections throughout the week. While a rebound is not new in the cryptocurrency market, Bitcoin is currently about ,000 away from ,000. The consolidation of the price has been going on for most part of March suggesting that Bitcoin has been building a solid base to rocket from. The chart above shows that the critical support area tested last week was between ,500 and ,000. Since the support level held, another higher low was made. This is fueling

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Bitcoin price began a rebound since the start of the week. It is once again approaching current record highs, handing the price baton back to the bulls. At 17:06 GMT on Tuesday, the price of a Bitcoin was trading at $58,791, a gain of 1.8% over the last 24 hours.

In the run-up to the options expiry last Friday, Bitcoin saw price corrections throughout the week. While a rebound is not new in the cryptocurrency market, Bitcoin is currently about $1,000 away from $60,000. The consolidation of the price has been going on for most part of March suggesting that Bitcoin has been building a solid base to rocket from.

$73K Is the Next Key Level As PayPal Begins Bitcoin Payments

The chart above shows that the critical support area tested last week was between $49,500 and $51,000. Since the support level held, another higher low was made. This is fueling the renewed upward momentum this week.

Since September last year that the coin broke $12,000, the whole Bitcoin chart has been massively bullish. The last time the coin made a higher low was at $42,000, which became a critical support area to hold. This past week, $51,000 was the new higher low as the coin price corrected.

It is clear that the next points of interest can be made through the Fibonacci extension, where $73,000 and $92,000 may become the next points of interest if Bitcoin price breaks above the all-time high of $61,000 this time around.

However, the dollar has also begun an uptrend. Since the dollar fell during the pandemic, Bitcoin has been enjoying an upsurge. The free fall of the greenback has been very uncharacteristic. But the bearish dollar is beginning to turn around.

$73K Is the Next Key Level As PayPal Begins Bitcoin Payments

Historically, there’s been an obvious relationship between the two charts and assets, but few moments have been as pronounced as the Black Thursday selloff and bull run since, or the 2017 bull market peak in Bitcoin and resulting bear market.

What is different this time is that while the DXY reverses upward, Bitcoin is no longer following an inverse relationship with the dollar.

The ongoing Bitcoin bull run has been linked to PayPal and Visa as the duo gets into crypto payments.

PayPal begins crypto payments

Earlier today, PayPal announced that its payment platform with some 26 million merchants that have integrated PayPal will now be able to accept some of the four prominent cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin cash.

Dan Schulman, president and CEO of PayPal, said:

As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.

He noted that using cryptocurrencies for buying and selling is the next phase in a world growing in acceptance of digital currencies and assets. He explained:

Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.

There will be no transaction fee for paying with crypto, but “a cryptocurrency conversion spread will be built into the conversion from crypto to USD” with PayPal insta converting the crypto into fiat.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts, Technical Analysis

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