Surging bitcoin nears its highest level in almost 3 years, and is set to test a key technical level that could spur a move toward $20,000


Bitcoin rallied more than 3% on Tuesday, approaching the key $ 14,000 resistance level.
Recent positive developments for digital cryptocurrency include PayPal allowing account holders to buy, sell and transfer bitcoins, as well as the $ 50 million purchase of Square's bitcoins.
If Bitcoin can trade resolutely above the $ 14,000 level, the next resistance level traders will watch will be its all-time high of around $ 20,000.
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Bitcoin surged more than 3% on Tuesday to $ 13,480, putting the digital currency on the reach of its June 2019 high of $ 13,880.
If Bitcoin does top $ 13,880, it will hit its highest level in nearly three years.
The cryptocurrency has received a lot of positive news over the past week. Square said it has boosted its Bitcoin investment by purchasing a $ 50 million digital coin in one day without disrupting the market.
Soon after the announcement, Square PayPal said it would provide account holders with the ability to buy, sell, and transfer bitcoins, increasing confidence in the crypto asset.

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