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PayPal's impact: what does the future hold for BTC?


COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has grown more than 100% since the beginning of 2021 (at the time of writing). Recently the price hit a new high of over $60,000. The question is, what does the future hold for BTC?

Bitcoin has a market cap of $1,103,674,128,271, and the circulating supply is currently at 18,670,806 BTC out of the maximum supply of 21 million. $64,470,007,038 worth of BTC has been traded in the last 24 hours (as of April 1st, 2021).

The latest driver that pushed BTC price up was news from PayPal, which announced their new service PayPal’s Checkout. It will allow bitcoin ( BTC ), ether (ETH), bitcoin cash (BCH) and Litecoin (LTC) to be seamlessly converted into US dollars or other fiat currencies when making purchases, similar to how a credit or debit card would work inside a PayPal wallet.

In October 2020, PayPal added the ability to buy, hold and sell cryptocurrency, so crypto-assets became a payment method for the 29 million or so online merchants connected to the fintech giant. Since introducing the crypto service, PayPal has increased weekly purchase limits two times, first from $10,000 to $15,000 and then to $20,000.

Checkout service by PayPal is the next chapter in driving the mainstream adoption of cryptocurrencies, promoting its ubiquity and mass acceptance and enabling making purchases with it at businesses around the world.

This news has had a positive impact on BTC price, as far as providing an opportunity for society to use crypto easily and more actively.

BTC /USD price is still primed for an upward move. However, since reaching its last all-time high (US$61788 on 13 March 2021), it has retraced below US$51,000, which was one of the strong resistance levels on its way up. This means that the price could again linger under this level as significant resistance.

The following are major support and resistance levels that traders should keep in mind:

Resistance Level (R2): 61485;
Resistance Level (R1): 59412;
Support Level (S1): 56478;
Support Level (S2): 54095;
Support Level (S3): 50988.

There is increasing positivity around cryptocurrency and Bitcoin . Visa announced this week that it is testing out payment functionality using USDC stablecoin, a cryptocurrency held at parity with USD, on the Ethereum blockchain, via crypto-backed Visa cards.

Massive institutional adoption by companies like PayPal, Visa, MicroStrategy , Tesla , Square, and many other projects is a fact in favor of the price going much higher than it is now. However, this is not investment advice, and you should make decisions solely based on your study of the market and how much risk you are willing to take.

Olga Prokhorova, VRM trade

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