PayPal Enters Crypto Space, Sparks Optimism For Bitcoin

PayPal enters the crypto space and the FOMO around it sparks optimism for the bitcoin price and the potential $10,000 price level as we are reading further in the latest Bitcoin news today.

Bitcoin’s price climbed again on Monday as the traders saw how PayPal enters the crypto space, waiting to offer a direct line to crypto sales. The report sent the BTC/USD exchange rate to as high as $9,792 and now the traders wait to see the pair holding itself above the crucial resistance level which could resume the rally to the $10,000. Bitcoin’s steady upside correction from the weekend low picked up a new momentum on Monday as the fintech giant planned to offer a direct crypto sales line.

The global payments giant PayPal could roll out services that will enable its users to buy, sell, and store bitcoin. The report mentioned that PayPal is looking for liquidity in multiple crypto exchanges including Coinbase and BitStamp. The rumor helped the number one cryptocurrency to improve its short-term bullish bias. Analysts believe that PayPal’s involvement in the Bitcoin space is a huge plus for mainstream adoption. Data firm Messari stated:

 “[The news] immediately broadens crypto’s potential investor base by an order of magnitude. PayPal has more than 300 million users worldwide […] As Paul Tudor Jones stated in his May letter, bull markets are built on an ever-expanding universe of buyers.”

The traders utilized the PayPal narrative to boost the BTC/USD exchange rate to as high as $9,792 during the latest US trading session. On Tuesday, the pair pared parts of the gains and dropped by 0.55% to $9,637. This did not deter the analysts from picturing an extended upside move to the $10,000 level. One prominent analyst said that by maintaining the support floor above $9,600 Bitcoin has some room to go further up. The only problem remains the high selling pressure in the $9,700 and the $10,000 area. Bitcoin reversed the upside rallies more than seven times since May. In some cases, the price even dropped below $9000 a level that served as a decent pullback started for Bitcoin.

And there's the $BTC pump. OBV closing bullish above the line and tested that $9,600 area. Now to see what kind of daily candle we can close. pic.twitter.com/NYWuHUMXWY

— IncomeSharks (@IncomeSharks) June 22, 2020

Another crypto trader admitted that the recent pump is different from the previous one. He said that he is changing his short-term bias to bullish noting that the bitcoin price will breach the $10,000 level in the upcoming sessions:

 “My bear idea was invalidated and I think this thing looks overall bullish in a macro context I’d argue will probably see prices above 10’500$. Front running USA morning folks given I think we squeeze up in midterm.”