Bitcoin “BTC” is on a different upward trajectory this time
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Answer Bitcoin “BTC” is on a different upward trajectory this time
PayPal announced yesterday that it will add and support cryptocurrency buying and selling features.
As soon as the news was announced, Bitcoin responded immediately and rose by 8%, bringing the price of Bitcoin above 12,000 dollars, a level that it is still above until this moment.
Bitcoin continued its rally and reached a level above $13,000, hitting its highest level since June 2019.
Bitcoin had previously held above $12,500 for an extended period of time in 2017, which was the period before the ICO bubble after which Bitcoin continued to rise to the all-time high of $20,000.
Since then, bitcoin has tumbled in 2018, dropping below the $10,000 level and bitcoin reaching $12,500 only twice, in June and July of 2019, but it could not overcome this resistance at that time to continue its upward trend.
Read:The founder of Twitter stated: Bitcoin will have a big role in the future of Twitter
Now, the price of Bitcoin is hovering around $12,800.
The current rise that the bitcoin reached represents a growth of 3 times what was recorded on March 12, 2020, in which the bitcoin collapsed and recorded 4,644 dollars, to rise today at the price of 12,800 dollars, which represents a growth of 175%.
Bitcoin “BTC” is on a different bullish trajectory this time:
We indicated in the title of the article that Bitcoin this time is on a different bullish path compared to the previous bullish highs, especially those recorded in 2017 and 2019 that occurred suddenly.
The current rally can be said to have started in March 2020, as Bitcoin has been more predictable and less volatile.
Which indicates a more normal behavior in general with more mature traders and less dependent on noise or breaking news that only has a short-term impact.
Arguably, this new uptrend demonstrates a healthier growth pattern.
In fact, today’s traders seem to be taking important news in stride, rather than overreacting one way or the other.
Read:Coinbase acquires cryptocurrency data analytics firm Skew
Shows greed and fear indicator, developed by software development platform “Alternative.me” That traders are currently in “Neutral to slightly bullish mood” With a much lower degree of noise levels recorded even earlier in the same year.
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