Bitcoin price nears $14,000 on Wall Street news

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Last Updated on 28 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The Bitcoin price traded near $14,000 and is getting ready to break key resistance levels which could take it all the way towards it’s all time high of $20,000. Ever since Wall Street firms showed a renewed interest in Satoshi Nakamoto’s invention, the best-known crypto has seen an upward trajectory.

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PayPal, Square and JP Morgan

The move towards higher levels comes after a period in which major players on Wall Street showed an interest in Bitcoin. It all started with Square, the financial payments company manager by Twitter CEO Jack Dorsey, who’s known to be a big fan of all things crypto. He bought some $50 million in Bitcoin directly, without even moving the price of the coin itself. This turned out to be a pivotal moment.

One week later PayPal also announced an entry into crypto, and once again Bitcoin started trading higher.

In the last few days, even behemoth bank JP Morgan turned bullish on the king of crypto as they stated in a research report that:

Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price.

Investors looking for a safe haven to bet on as world stock markets take a tumble because of growing Covid-19 fears of a second wave in Europe and a third in US would therefore do well to take notice of the growing price of Bitcoin.

Fairlead Strategies founder Katie Stockton said in a reaction to Business Insider that:

Bitcoin has seen short term momentum improve within its long term uptrend and has a good amount of room to resistance, which is close to about $14,000.

So far, Bitcoin is up almost 90% this year.