Bitcoin stable above $ 12K – but at this BTC rally everything is different than before
Bitcoin’s price has seen significant momentum in the past few days.
The cryptocurrency is currently trading at the highest price it has seen since the end of the summer rally
This dynamic appears to be the result of the interaction of various factors, including the increasing takeover of Bitcoin Circuit by companies.
Just today, PayPal announced that it wanted to make functions for buying, selling and storing cryptocurrencies available to all users.
Bitcoin, Ethereum as well as a few other digital assets will be supported with the upcoming introduction.
An analyst also notes that this $ 12,000 breakout is also different from a technical standpoint.
Bitcoin continued its rise today while the rest of the crypto market has largely continued to consolidate.
The lack of momentum seen with Altcoins could be due to a shift in capital away from Alts and towards BTC
Bitcoin’s immense momentum has led the asset to new annual highs of $ 12,500. There is some resistance at this level, however, as each twitch has already sparked slight sell-offs.
An analyst now points to some technical factors that show how different this recent surge is from what it has been in the past.
Bitcoin rises due to PayPal news
Today, FinTech giant PayPal announced it was rolling out features that allow users to buy, sell, and store Bitcoin, Ethereum, and a few other digital assets.
This is just one of the notable examples of the Bitcoin proliferation seen over the past few weeks and months.
A few weeks ago, Square – widely viewed as a competitor to PayPal – made the headlines when it announced it would acquire $ 50 million worth of BTC to be held as reserve assets.
The coincidence of this news has helped push Bitcoin towards its current price of $ 12,500.
Analyst: This is how the recent BTC rally differs from previous ones
The main difference between this rally and previous rallies is that it is fueled by positive news about the BTC adoption.
Some technical factors also emphasize differences, as one analyst commented in a recent tweet :
„The other times BTC tried to crack $ 12,000, funding and bonuses were positive. Now they are neutral / negative. So yes, this time it’s different. “
The coming days should provide greater insights into the longevity and sustainability of this ongoing Bitcoin boom.