Bitcoin is currently caught in an intense updraft that has allowed its price to gain some serious momentum throughout the past couple of weeks.
This ongoing rally first began when news broke regarding Square purchasing $50 million worth of Bitcoin to hold on their balance sheets as a reserve asset.
Shortly thereafter, PayPal also announced its foray into the crypto market, introducing a new service that allows users to buy, sell, and pay for items using Bitcoin, Ethereum, and a few other digital assets.
This corporate adoption shifted investor sentiment and helped catalyze some serious momentum that isn’t showing any signs of slowing down anytime soon.
Bitcoin’s price rocketed to fresh 2020 highs of $13,700 earlier today, at which point it found some intense selling pressure that slowed its ascent and caused it to see a slight retrace.
It is now consolidating as bulls attempt to muster up enough support to catalyze a move up towards $14,000. The resistance at this level is quite intense.
One crypto-focused economist believes that BTC could extend this momentum past this level and reach the $15,000 region before seeing a strong selloff. He notes that this potential move could coincide closely with the upcoming presidential election.
Bitcoin Rallies to New Highs as Bulls Take Aim at $14,000
At the time of writing, Bitcoin is trading up over 4% at its current price of $13,600. This is a fresh yearly high for