Bitcoin price nears $14,000 on Wall Street news
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.
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.
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.