How institutional interest is having an impact on the BTC price

Quick take

1 minute read

• How bitcoin reacted to the announcement from PayPal.

• Institutional interest in the leading cryptocurrency.

Following the news of PayPal getting further involved in the crypto space earlier this week, the price of bitcoin spiked above the $12,000 Key resistance level. Of course, the announcement from PayPal was very exciting for many people within the industry as it fueled hope that the move from the payments network could bring cryptocurrency to a brand-new audience and further mainstream adoption.

One of the things that are more bullish when it comes to bitcoin in the long term is the spark of interest that has been shown in the digital assets by institutional investors all around the world. Many publicly traded companies have been acquiring massive amounts of the asset throughout this year amidst the pandemic and economic crisis. You may have heard of one of the biggest institutions that have been getting involved with bitcoin and that is Grayscale Bitcoin Trust. They have acquired more than 440,000 bitcoins with more than $5 billion at the time of writing. Even the Jack Dorsey owned Square company has acquired around $50 million worth of the leading cryptocurrency.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

Technically, bitcoin looks like it is getting ready to break above the $13,000 mark and potentially claim even higher.

Over the weekend, one analyst on Twitter took to the platform to give a very bullish prediction.

Calm before the storm.

If $BTC was to breakout today, it would most probably reach its previous ATH of $20k within 3 months. pic.twitter.com/7nVZ9x92Ag

— Mohit Sorout 📈 (@singhsoro) October 17, 2020

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