The price of Bitcoin has experienced considerable momentum in recent days.
The crypto currency is currently traded at the highest rate it has reached since the end of the summer rally.
This momentum appears to be the result of a combination of several factors, including the increasing acquisition of BTC by companies.
Only today PayPal announced that it will provide all users with functions for buying, selling and storing crypto-currencies.
Bitcoin, Ethereum and a few other digital assets will be supported in the upcoming launch.
An analyst also notes that this $12,000 breakout is different from a technical standpoint.
Bitcoin has continued its rise today, while the rest of the crypto market continues to consolidate to a large extent.
The lack of momentum seen in Altcoins may be due to a shift of capital away from Altcoins and toward BTC.
Bitcoin’s immense momentum has led the asset to new annual highs of $12,500. However, there is some resistance at this level, as any twitching has already triggered slight sell-offs.
One analyst is now pointing out some technical factors that show how much this recent rise differs from those of the past.
Bitcoin rises because of Paypal news
Today, FinTech giant PayPal announced that it will introduce features that will allow users to buy, sell and store Bitcoin, Ethereum and some other digital assets.
This is just one of the notable examples of the Bitcoin proliferation seen in recent weeks and months.
A few weeks ago, Square – widely regarded as a competitor to PayPal – was in the headlines when it announced the $50 million acquisition of BTC to be held as reserve assets.
The coincidence of these news items has helped boost Bitcoin toward its current price of $12,500.
Analyst: This is how the latest BTC rally differs from previous
The main difference between this rally and previous rallies is that it is driven by positive news about the BTC acceptance.
Some technical factors also emphasize differences, as one analyst comments in a recent tweet:
„The other times BTC tried to crack $12,000, the financing and premium were positive. Now they are neutral/negative. So yes, this time it’s different.“
The coming days should provide greater insight into the longevity and sustainability of this ongoing Bitcoin upswing.