Bitcoin (BTC) gained almost 5% on Oct. 21 as bullish price action combined with fresh corporate adoption news to boost gains.
Cryptocurrency market daily performance overview from Coin360
PayPal takes BTC price to $12,400
At press time, $12,300 formed the focal point, around an hour after Reuters reported that payment giant PayPal plans to support Bitcoin and other cryptocurrencies via its wallet and Venmo app from 2021.
BTC/USD daily price chart. Source: Tradingview
The announcement added to an already buoyant BTC trading environment, with $12,000 resistance evaporating overnight on Tuesday.
Weekly gains stand at 8.5% for Bitcoin, which is increasingly diverging from other macro assets, which put in lackluster performance over the same period.
Earlier, Cointelegraph published a list of factors which one analyst believes all support the bull case for Bitcoin going forward.