Bitcoin backs away from new 2020 high in weekend trading

The Asian markets will be getting underway in a couple of hours from now. Meantime, Bitcoin has been actively trading all weekend as usual. Last week the coin was seriously boosted by the news that PayPal is to allow its use across their payment platform and hence potentially opening up huge retail and commercial payment usage. Naturally, just how that will develop remains to be seen and it will not unfold immediately either. Notwithstanding that, the news has seriously boosted the fundamental reasons to hold and use Bitcoin in the future. This news was entirely responsible for the move above 13k last week. In fact, the coin also lifted earlier today, to post a new 2020 high above 13,350. However, it has backed away from that high this evening as it tracks back towards 13,000 again. The immediate price action suggests consolidation before another move higher might unfold. There is now likely to be more buyers in situ on any dip back towards 12k unless there is a serious change to the current dynamics. A further update on Bitcoin will follow tomorrow morning. Meantime, it is just now trading at 13,020