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Bitcoin Price Moons to New 2020 Highs on PayPal News

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Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.

Bitcoin Price Breaks 2020 Highs on PayPal News

Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.

All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.

The world’s largest online payment processor announced that it would enable its customers to buy, sell, and store Bitcoin and other cryptocurrencies as soon as the “coming weeks” for US-based accounts and the first half of 2021 for other countries.

Naturally, the market reacted in a positive way. Today, Bitcoin’s price has surged from a low of around $11,910 to a high of $12,888 on Binance Futures, before retracing to where it’s currently trading at $11,750. With this sudden move, Bitcoin broke the previous 2020 high marked on August 17th when the price reached almost $12,500.

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BTC/USD. Source: TradingView

The Rest of the Market Stalls Against BTC

Somewhat expectedly, altcoins are bleeding heavily against Bitcoin. The market dominance of the world’s leading cryptocurrency is increasing aggressively over the past few days, as it’s now sitting at 61.%, up about 3% in the last month.

BTC_dominance_chart-min
Bitcoin Dominance. Source: CoinMarketCap

As CryptoPotato reported yesterday, BTC’s market dominance is sitting on a 2-month high, while altcoins are already feeling the pressure.

Moreover, a recent analysis indicated that the latest increase in the price of Bitcoin comes from fresh capital, and it’s not a rotation of funds from alts. This shows that the new money entering the space goes into Bitcoin, rather than alternative cryptocurrencies.

On an entirely positive note, it’s worth mentioning that this seems to be a news-driven event. The fact is, however, that PayPal still hasn’t allowed its users to buy Bitcoin, meaning that there might be more positive developments once the feature is rolled into the platform’s services. Moreover, the company has also stated that it will push for the adoption of using digital assets with its vast merchant network in the following year.

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Source: https://cryptopotato.com/bitcoin-price-skyrockets-to-new-2020-highs-on-paypal-news/

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ETH Price Analysis: As Bitcoin Parties, Ethereum Sheds 25% BTC-Wise Since September

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ETH/USD – Bulls Rebound From 2019 Highs.

Key Support Levels: $364, $355, $345.
Key Resistance Levels: $396, $400, $410.

Over the past week, Ethereum was struggling to break above a very short-term falling trend line. The coin dropped into the support at the 2019 Highs around $364 yesterday which allowed it to rebound higher today.

After rebounding, ETH went on to break above resistance at $375.

ethusd-oct21
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers continue to push above $390, the first level of resistance lies at $396 (bearish .5 Fib Retracement & October highs). Following this, resistance lies at $400, $410, and $416 (bearish .618 Fib Retracement).

On the other side, if the sellers push lower, the first level of support is expected at the $364 level (2019 highs). Beneath this, additional support is found at $355, $345 (100-days EMA), and $336.

The RSI rebounded from the mid-line to show the buyers are refusing to give up their control of the market momentum.

ETH/BTC – ETH Penetrates Beneath Consolidation Pattern.

Key Support Levels: 0.03 BTC, 0.0295 BTC, 0.029 BTC.
Key Resistance Levels: 0.0311 BTC, 0.0315 BTC, 0.032 BTC.

Against Bitcoin, Ethereum was trading within a 1.5-month-old consolidation pattern as it ranged between the two boundaries of a symmetrical triangle. Throughout the week, the buyers defended the lower boundary of this triangle, however, with the recent push of Bitcoin above $12,000 the sellers managed to take over and caused to drop beneath the pattern.

After falling beneath ETH continued to plummet until support was found around 0.0307 BTC – provided by a downside 1.618 Fib Extension level.

It’s worth noting that since September 2nd, ETH has lost just shy of 25% against Bitcoin and the last time its value was as low was on August 2nd.

ethbtc-oct21
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the sellers continue lower, the first level of support lies at 0.03 BTC. Beneath this, support lies at 0.0295 BTC (200-days EMA), 0.029 BTC, and 0.0284 BTC (Feb 2020 Highs).

On the other side, resistance first lies at 0.0311 BTC. Above this, additional resistance is expected at 0.0315 BTC, 0.032 BTC (100-days EMA), and 0.0327 BTC.

The RSI has plummeted to oversold conditions which could suggest that the market is slightly overextended and should reverse pretty soon.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-price-analysis-as-bitcoin-parties-ethereum-sheds-25-btc-wise-since-september/

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The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey)

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Bitcoin’s price is undeniably affected by many factors. Throughout its nascent history, it has displayed continuous correlation with the performance of gold, although, at times, it’s moving hand-in-hand with the stock market.

The overall macroeconomic landscape has also proven to be a factor for Bitcoin’s price. For example, it saw a 40% decrease in March when the world declared a state of global pandemic induced by the outbreak of the novel coronavirus COVID-19.

The 2020 US Presidential Elections are closing in on November 3rd, and this is no doubt an event that will have an impact on the world’s economy not only for this year but for the next four.

With all of the above in mind, we at CryptoPotato decided to ask our newsletter subscribers – what would have the highest impact on Bitcoin’s price, as we are getting to the end of 2020?

Trump’s Reelection a Top Concern for BTC Investors

A total of 500 participants took part in our survey. Below is a graphic representation of their answers.

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39% of the respondents think that whether Trump gets reelected or not will be the deciding factor for Bitcoin’s price going forward. More interestingly, 20% of all the people who took the survey were Americans, and 43% of them voted for the same answer, giving even more strength to the notion.

32% of participants believe that the stock market’s performance will be a driving factor, while 16% believe gold’s price will have the highest impact on the price of Bitcoin. Only 13% of the respondents voted for the ongoing DeFi hype, which had decreased over the past month.

The results are somewhat unambiguous – investors are concerned with the upcoming elections and the stock market. Those two things, however, are tightly connected, and the stock markets are also likely to react to the outcome of the elections.

Trump: Catalyzing More Increase in Bitcoin’s Price

When trying to figure out what would happen in the future, it’s always a good idea to remind ourselves what happened in the past. For this particular event, we even have a reference point – Trump’s 2016 election.

Donald J. Trump became the 45th President of the United States on Tuesday, November 8th, 2016, after winning the race against his opponent Hillary Clinton.

At the time, Bitcoin was trading at around $700 but almost immediately after the news broke out, the cryptocurrency started increasing. In fact, it managed to gain about 40% by the end of the year, marking an impressive 2-month climb.

btcusd_Chart
BTC/USD Chart. Source: CoinMarketCap

It’s unlikely that the elections were the only factor for this move, but it’s also unreasonable to rule them out.

It’s also worth noting that during Trump’s presidency and the outbreak of the novel coronavirus, the Fed issued the COVID19 stimulus packages aimed at helping American citizens and even more so at bailing out large corporations.

This is something that Biden, Trump’s Democratic opponent, has criticized openly on more than one occasion.

During their first Presidential Debate last month, Biden said that “this country (read the US) wasn’t built by Wall Street bankers and CEOs and hedge fund managers. It was built by the American middle class.”

He also said that millionaires and billionaires did very well during the crisis because of the bailouts and the tax cuts. Moreover, he also plans to increase the corporate income tax rate from 21 to 28 percent, should he be elected, as part of his Tax Plan.

These are likely to be developments that Wall Street won’t welcome lightly and could prompt a sell-off or at least a halt to the stock market’s performance. It’s unlikely that this would turn out great for Bitcoin as well.

Featured image courtesy of FT

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Source: https://cryptopotato.com/the-biggest-concern-of-bitcoin-investors-until-the-end-of-2020-will-trump-get-reelected-survey/

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