Bitcoin trades to the highest level since July 2019
PayPal announces they will allow clients to trade the crypto currencyThe price of bitcoin has pushed to new 2020 highs and in the process is trading at the highest level since July 2019. The catalyst has been a report that PayPal will allow clients to trade crypto currency is on the platform.
The price has moved to a high price of $13,000 (nice round number) on the Coin Base exchange. That was the highest level since July 10 when the price extended up to $13,202.63. The high price for 2019 reached $13,868.44. Today's move broke the 2020 high price of $12,848.61.
The digital currency closed at $7157.95 at the end of 2019. The rise to $13,000 took the gain on the year to $5842.05. That is a gain of 81.6% on the year. That far outpaces the gain in the NASDAQ up 28%.
Drilling to the hourly chart below, the price on Monday based against its 100 and 200 hour moving averages. Both those moving averages were converged indicative of a non-trending sideways market. The run up above the high from October 15 and October 13 at $11,641.38 and $11,736.02 were catalyst for further upside momentum.