Bitcoin Price Closes Above $13K for First Time Since January 2018 Driven by a Flurry of Good News

Oct 25, 2020 at 00:55 UTCUpdated Oct 25, 2020 at 01:52 UTC.Bitcoin closed above $13,000 Saturday for the first time in over two and a half years following a week of positive news for the leading cryptocurrency.

Bitcoin had last closed above $13,000 on Jan. 15, 2018, six weeks after bitcoin closed above $13,000 for the first time on its way to an all-time high of $19,892, according to Coinbase market data.

Through late June and early July in 2019, bitcoin briefly traded above $13,000, revisiting that price level on Wednesday through Friday, but still failing to close above it.

This week, news that PayPal is allowing its customers to buy and sell certain cryptocurrencies, along with recent investments in bitcoin by Square and MicroStrategy, has given the leading cryptocurrency a strong tailwind.

Just yesterday, JPMorgan analysts wrote that bitcoin has "Considerable upside potential."

Bloomberg Intelligence set $13,000 as a breakout price target for bitcoin in a July report that called the leading cryptocurrency a "Caged bull".

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who authored the report, told CoinDesk in an email he was impressed how bitcoin broke above $10,000 in late July and turned that level into support when it was revisited from the upside in early September.

As for the future, bitcoin's "Fundamental and technical indicators remain positive," McGlone said.