Why Bitcoin Rejected $16,000: Is BTC Still Bullish?
Bitcoin Gains Above $ 16,000 After Launching Crypto Trading With PayPal
Bitcoin has consolidated above $ 16,000 for the first time since 2018
Growth correlates with the launch of PayPal crypto services in the US
The entire cryptocurrency market remains in the local red zone
The cryptocurrency continues to grow steadily to its all-time high in 2017, when the asset price reached $ 20,000
Bitcoin has consolidated above the $ 16,000 mark for the first time since 2018. The last time Bitcoin reached such a mark was only after a historic rally in January 2018.
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For the first time, Bitcoin crossed the threshold of $ 16,000 on November 12 at 10:00 Moscow time, but almost immediately fell back to $ 15,636. The largest cryptocurrency in terms of capitalization was able to gain a foothold at $ 16,000 only at 15:00 Moscow time..
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It is noteworthy that the entire cryptocurrency market could not hold out for a long time together with the dominant asset in the green zone for a long time. At the time of this writing, in addition to Bitcoin, Bitcoin Cash (BCH), Waves (WAVES), as well as stablecoins are kept in the green zone.
The analytical resource Glassnode notes that the bitcoin blockchain network also set an absolute record for the number of addresses with outgoing transactions over a seven-day timeframe..
Overcoming the key level comes amid the announcement of the launch of the cryptocurrency services of the payment giant PayPal. Starting on November 12, US PayPal account holders can buy, store and sell cryptocurrency directly through the payment service, according to the company’s official press release. At the time of this writing, the price of BTC / USDT is $ 16,063. The market capitalization of all cryptocurrencies exceeds $ 457.2 billion.
Having absorbed the previous high of the 2020 daily close at $ 15,610, Bitcoin is torn up again. What’s next for bitcoin – read the special material BeInCrypto.
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