Bitcoin price yet again hits a higher level as it has now surged from $16,200 to $16,473. From the past few weeks, Bitcoin has been performing well, and it has gone above $16,200 that makes a new high of 2020. According to Bitcoin bulls, the price is close to reaching a CME gap, which will make the price reach even higher than this. It is believed that if the CME gap will be closed then the price will reach the $17,200 level. Even though Bitcoin’s price is increasing impressively, several analysts claim that it is unable to establish strong support. Micheal Van De Poppe has said that Bitcoin is moving rapidly to new highs but it is not having enough support. Different Factors Contributing to Bitcoin Price Surge Above $16K Different factors are contributing to the recent surge in Bitcoin price and making it reach such an impressive level. The winning of Joe Biden in the 2020 U.S. Presidential Election has also contributed to the surge in the price of different cryptocurrencies and other stocks as well. Along with this, it is also seen that another wave of coronavirus is coming as the record of positive cases per day has increased to 150,000. This also means that people would have again increased the crypto adoption. This will ultimately contribute to a surge in Bitcoin’s price. PayPal Offering Crypto Services Also Leads to Price Surge Among other major factors, PayPal’s announcement of offering crypto services is also leading to the Bitcoin price surge. PayPal is having a huge user base which means that crypto adoption will increase to a very great extent that will ultimately lead to an increase in price. Now the traders and analysts are eying the CME gap and then there will be another all-time high for Bitcoin.
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