Here’s what traders expect after Bitcoin price rallied to $13,217

Cointelegraph

Published Oct 21, 2020 08:01PM ET

Updated Oct 21, 2020 09:40PM ET

On Oct. 21 Bitcoin (BTC) price overtook the $13K mark to reach $13,217 after traders took out key resistance levels at $11,900, $12,000, and $12,500 in the last 48-hours. While there are various technical reasons behind the abrupt upsurge, there are three key factors buoying the rally.

The three catalysts are a favorable technical structure, PayPal enabling cryptocurrency purchases, and Bitcoin's rising dominance rate.

The dominance of Bitcoin. Source: Josh Olszewicz
BTC/USD weekly chart. Source: TradingView.com

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