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Bitcoin rallies above $13K for the second time today



Source: Pixabay

Bitcoin rallied above $13,000 for the second time in a 12-hour window, indicating that the upward price momentum seen earlier may still be going.

The price was at $12,967 at the time of writing, having just breached the $13,000 level moments ago.

Source: TradingView

On October 21, Bitcoin breached $13,000 for the first time since July 2020 following news of PayPal’s announcement regarding the support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum on its platform. In a statement, PayPal said that users will be able to spend crypto across its network of 26 million merchants beginning in 2021.

This rally that was said to be driven almost entirely by the PayPal news saw BTC reach a level of $13,200 before falling back to levels of $12,900.

Having sustained at levels just under $13,000 for the better part of the trading time since the last breach of this level, it gives reason to believe that the price may stay there for a longer period of time.

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Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.