HomeLatest NewsBTC touches 15 – month high of $13,250 amid PayPal excitement

BTC touches 15 – month high of $13,250 amid PayPal excitement

BTC/USD price rose from $12,300 to $13,250 to continue recent uptrend and was up by 78% YTD

Bitcoin price continued its stellar performance this week, first rising to register the price of $12,300 and then spiking to a 15 – month high above $13,200.

While the uptrend was expected, the swift jump to intraday highs around $13,250 still appears to have caught many completely off guard.  News that PayPal would allow its 386 million+ users to use Bitcoin played a big role in the upside.

It is the first time since July 2019 that Bitcoin’s price had climbed above the $13K mark. In 2020, it’s the highest level the top cryptocurrency has achieved. At the time of writing, BTC/USD is 12.4% up this week, more than 20% this past month and nearly 79% year – to – date.

Notably, the top cryptocurrency continues to extend its record stay above $10,000, now at 88 days and counting.

Bar a catastrophic crash, it’s likely that Bitcoin’s new bull run will soon take out the $14,000 level than retrace to $10K.

BTC/USD technical outlook

From the intraday highs, increased volatility helped push Bitcoin price to lows of $12,600. Bulls are, however, showing resilience and have pushed prices back above $12,800.

BTC/USD broke multiple resistance levels in rising to highs of $13,350 from intraday lows of $12,300. The key level was $12,500, above which is a resistance turned support area around $12,700. Breaking above the SMA100 on the hourly chart was key to BTC/USD racing to its 2020 high.

But a sharp sell – off plunged BTC/USD more than $600 to see it touch $12,600 lows. Bulls have shown increased strength though and prices are back above the $12,800 level. The hourly chart suggests strong bull presence near the $12, 650 support zone which is critical to preventing further downsides.

At the time of writing, Bitcoin is trading above the trend line near the 50% Fib retracement level. This is critical if bulls are to push higher towards $13,000.

Should the pair break above this level, a retest of $13,250 will likely be followed by an attempt at the next major resistance level around $13,650. Above this level, an extended upside will likely bring the $14k level into focus.

BTC/USD price chart. Source: TradingView

The short term outlook, as seen on the daily chart above, has the MACD predicting a rising bullish momentum. The RSI also remains perched in the green despite being ever so slightly flat. As long as the price stays above $12,600, bulls will hold the upper hand. Beneath this level, the SMA 100 provides immediate support above $11,900.


Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.