Bitcoin reaches new heights, stabilizes above $13K for the first time in 2 years

Cryptocurrency pioneer Bitcoin shows bullish trend, surpasses $13,000 for the first time in the past two years amidst the DeFi boom.

By · Oct 26, 2020 . 5min read

Bitcoin price crosses $13K

Bitcoin price broke its $10k resistant to shoot above $13K closing above that price range for the first time in above 2 years.

The last time bitcoin closed above the $13K price was on January 15, 2018. Before then, bitcoin had reached its all-time high some weeks back in December when it hit $19,892 and even traded above $20K in some Korean exchanges.

By July last year, bitcoin would trade slightly above $13K but failed to close above the price after the short the stint of price breakage.

Bitcoin price closes and maintains above $13K for the first time in 2 years
Source: Trading View

While Ethereum and the DeFi ecosystem has had a better part of the spotlight in terms of activities, bitcoin was only gearing up for what seems like the inevitable. Over a couple of weeks as the DeFi steam cooled down, interesting news about bitcoin kept making the headlines.

To begin with, Microstrategy, a publicly-traded corporation pumping in almost half a billion into Bitcoin. An enthusiastic Michael Saylor, CEO of Microstrategy even went as far as releasing a report that it plans to hold his newly acquired bitcoin for 100 years.

Second major news that helped sustained bitcoin price above the $10K support for the longest time running was Square investing 1% of its asset into bitcoin. The fintech giant ably run by Jack Dorsey had its revenue boosted by bitcoin in Cash App, one of its products.

Perhaps the most bullish news in recent times for Bitcoin is PayPal fully coming on board for cryptocurrencies. The fintech pioneer with over 322 million customers, will now allow its customers to buy and hold cryptocurrencies.

Experts predicted the $13K Bitcoin price range as crucial for a sustained bullish spread.

Meanwhile, Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence had released a July report this year. He set a $13K price as a critical breakout range for bitcoin. From that time McGlone authored the report, and now, bitcoin has gained 82% in price. Little wonder he called it a “caged bull”.

To conclude, the chatters around bitcoin points towards a bullish trend, especially with positive social media sentiments for a while now. Currently, as of the time of writing, bitcoin price is trading around $13,158 with an almost 15% in its weekly volume.

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