Analytics / Forex and Crypto News
The BTC/USD pair continues the rise, which began on March 26. It managed to rise above the resistance levels of 55000 and 58000. But as it approaches the level of 60000, the resistance increases. The BTC/USD pair doesn’t have enough support to rise above this level. At the time of publication, the BTC/USD pair is trading at around $58700.
Bitcoin has received the needed support from PayPal today. The company announced that its customers with cryptocurrency accounts will be able to use cryptocurrencies to pay for goods and services. As a payment instrument, you can use not only Bitcoin but also Ethereum, Litecoin, as well as Bitcoin Cash. The system will automatically convert cryptocurrency into fiat money during the purchase.
Now that PayPal is backing Bitcoin, the cryptocurrency can expand its price rally beyond the psychological resistance level of 60000.
On the hourly chart, the BTC/USD pair is trading above the 100-hour moving average and was able to hit a high of 59388.
Also on the hourly chart, the BTC/USD pair formed a bullish flag with resistance around 57500, which it managed to break through today after the news about PayPal. The pair also broke the level of 58500. If the pair manages to hold above this level, we will see continued growth towards $60000. If the price drops below this level, it could drop in the area of 56500.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins