What is causing last few days' run-up?

[Fredomago]

Both PayPal and this ongoing elections are being tagged as the reason of this current strong run, for PayPal I can agree that
with more new money to invest inside there's really a huge impact.

But with this ongoing election, if in anyhow those whales are storing their money inside this market long run impact might
not be good since they can pull it out and dumped will start after.

Better to  be more on PayPal and other businesses that brings new investment to this venue,

it will be more stronger if those new people will continue to arrive and keep their investment inside.

[Haunebu]

Paypal reason is the most likely one. Other probable reasons are the elections which could have caused some sort of impact.

This could be another reason.
https://news.bitcoin.com/iran-bitcoin-sanctions-inflation/

Anyway, I don't expect BTC to hold this value for long. The price will probably correct to $11K-$12K in the near future which is still epic overall.

[Upgrade00]

• PayPal integrated Bitcoin into its platform

This does not explain why the price of other altcoins goes up as well. Many assets have been followed bitcoin and some have been recorded increasing significantly. And PayPal only accepts bitcoin as an inactive asset on its platform which does not surprise me at all

PayPal integrated four cryptocurrencies into its platform; Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Also, the cryptocurrency market is heavily dependent on Bitcoin as the major asset with a dominance of about 63.7% as at this time, so when there is a spike in the value of Bitcoin, it has a tendency to influence some altcoins and carry them along same way when it crashes. I however expect a decoupling of the crypto market overtime and bull runs would likely become less synchronized.

I agree that Paypal has given bitcoin some sort of 'legitimacy' for those not familiar with crypto because its trusted by many. A lot still have their doubts over BTC because its associated with the scam projects and its not even widely adopted yet.

I understand the argument of services like PayPal acting as a bridge to connect Bitcoin to users who are on the fence or doubtful about investing. Centralized adoption is not the ideal route for a decentralized asset, but increasingly seems to be the cost to get Bitcoin mainstream.
Bitcoin is not associated with any scam project AFAIK, everyone should endeavor to do their own research.

[drlukacs]

elections for sure when we see finally the result it might change

Yes, that is also a cause that has a strong impact on the psychology of the American people as well as Dollar holders. I am not saying that Biden is a bad president but I must say that Trump's policy helped the US economy go up significantly during his four years of tenure.
Besides, Biden's policy also shows that he will manage the United States in the old way of Obama, this will certainly make the US economy slightly affected so -> the possibility of Dollar inflation is very high. Therefore, major financial institutions like MicroStrategy, Square had to choose Bitcoin as a shelter to avoid inflation in the future.
In spite of the upheaval of politics between the US and surrounding countries, that is how Mr. Trump protects the American economy. Whatever the election results, I still only care about the value of Bitcoin

[Twentyonepaylots]

paypal is indeed one of the indicators of the increase in btc prices,

Well I could not disagree with this, since the Paypal had announced that there will be a buying and selling of cryptocurrencies on their platform bitcoin price, rather the market surprisingly turns to green, well speaking of it that should really does make the market green. But I do hate making such assumptions, if Paypal has data that will say new people/new user come to them every day to buy bitcoin instead of using an exchange I might believe they did it to bitcoin price.

and one more thing that I would add is to show that the position of BTC cannot be shifted by Defi, who has recently tried to turn many investors from BTC to Defi

The Defi shit, that thing is ridiculous. Up for a 100 then goes 0 the next day, would you let people hold your money in promising a bigger return? hell nah.

[BIT-BENDER]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities  and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

Did the US presidential election affect the dollar, UK pounds or any currencies no it didn't. So the us presidential election regardless if president trump was winning or losing - like he is doing right now it can not affect Bitcoin price in between bitcoin at this time don't get insensitive with Fear uncertainty and the news.

[exstasie]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

It's impossible to know the exact reason. There are too many possible reasons why someone might buy BTC, and therefore why the market might move. That's why technical traders don't focus on news or underlying fundamentals, because those things always get baked into the price. It is therefore more productive and easier to analyze price from a technical (TA) perspective.

With that in mind, there was significant monthly resistance at $12.5K and yearly resistance at $13.9K. When those levels were broken, it caused a significant supply/demand imbalance: all the bears who had sold or shorted below those levels were now being squeezed into buying back. This "short squeeze" significantly pumped the price.

Additionally, breakouts like this tend to lead to positive feedback loops. As price rises, interest and demand and hype increase, causing people to buy, which causes further price increases, and so on. This is how trends are born.

[AmoreJaz]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

It's impossible to know the exact reason. There are too many possible reasons why someone might buy BTC, and therefore why the market might move. That's why technical traders don't focus on news or underlying fundamentals, because those things always get baked into the price. It is therefore more productive and easier to analyze price from a technical (TA) perspective.

With that in mind, there was significant monthly resistance at $12.5K and yearly resistance at $13.9K. When those levels were broken, it caused a significant supply/demand imbalance: all the bears who had sold or shorted below those levels were now being squeezed into buying back. This "short squeeze" significantly pumped the price.

Additionally, breakouts like this tend to lead to positive feedback loops. As price rises, interest and demand and hype increase, causing people to buy, which causes further price increases, and so on. This is how trends are born.

people are just speculating on the possible reasons why the bitcoin market is going up. we can always give those factors involved but tbh, we dont know the impact factor of those situations to the btc market.
indeed, the integration of paypal and the continuous interest of institutional investors towards btc may have influenced the market. but we don't know to what degree they are altering the market.

so you have a point of looking at it in a technical perspective. at least the hypothetical factors are eliminated and we are just looking at the numbers and graphs.

[DabsPoorVersion]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities  and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

I don't think that this is the reason why we have seen a sudden increase in the price of bitcoin,

Bitcoin is unpredictable so we cannot really confirm the main reason but we have a few events that may be the reason of all of this. This election is just a coincidence but this is not the reason why bitcoin price is increasing.

[eaLiTy]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

There will be multiple reasons for the rally it is not restricted to BTCitcoin but ETH had its fair share of rally along with the BTCitcoin market, the ETH 2.0 roll out can be said about the reason for the rally in ETH and may be the United States presidential elections had an impact on the market. The funny thing is that when the market goes in either directions we can only speculation and make stories about why that happened but ultimately the only reason for the rise is when there is huge investment coming into the market.

[arallmuus]

I think the increasing bullish sentiment has also contributed to other investors' FOMO,

It is always the FOMO that drives everyone crazy.

if they see Paypal are jumping into the btc bandwagon, which by the way further legitimizes Bitcoin, it's very likely that they'll also want to try it out.

If the price increase because of this then the price will go back to where it was in probably less than 2 months. I've seen alot of 'positive' news going on the whole crypto space for years and one thing that I can tell is that its only going to pump the price for a while and it will go back down to where it was

What I see this time, is definitely a FOMO for the next bull run because the last one was running around the same time as this. People want to catch this bull run which is why we are now on over $15k . I am guessing that we might float around $15k - $16k for a while before we actually either take off or go back to around $12-13k or so . This is my personal opinion of course

[Stedsm]

PayPal's news and the big companies' big purchases have lit the markets to such an extent that money started rolling in and volatility entered back into the markets. While these things took place, we also had halving which we thought that it was priced in, but it didn't and I see no reason for BTC to stop this rally and it should continue to rise above the previous ATH. The fact is, sell levels are getting eaten up by the bulls and it looks like there's not stop to this. Next is, it's November and BTC always rises in the last two months of each year (at least based on the last huge pump) and so, everything is being repeated.

[Kong Hey Pakboy]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

Well. Even the acceptance of bitcoin and cryptocurrency on PayPal's network was a month ago, it still made a huge impact on bitcoin's price today because it is the reason why more people and big companies makes big purchases on bitcoin that makes it pumps up. So I hope that bitcoin will stay it's current price until bitcoin reaches it's new ATH next year of 2021.

[ultrloa]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

Well. Even the acceptance of bitcoin and cryptocurrency on PayPal's network was a month ago, it still made a huge impact on bitcoin's price today because it is the reason why more people and big companies makes big purchases on bitcoin that makes it pumps up. So I hope that bitcoin will stay it's current price until bitcoin reaches it's new ATH next year of 2021.

People still remember the good side of acceptance of PayPal since it's a huge news which for sure gives a good confidence to the investors. As well it add some colors of the current events that's why we see the price of bitcoins go strong although there are few dumps happening but still we can rely that we are in good shape which can possibly make us see the past ATH.

[Wexnident]

A few possible and recent events that could have influenced it would be Paypal adoption (the most likely choice, since this was the one that opened up the crypto market to others who haven't experienced it), Then there were a few famous people who started adopting Bitcoin though the chances are this only provided a low influence towards the market, but still an influence. Still to be perfectly honest, there really isn't any single factor (or any as a matter of fact) that could influence the Bitcoin price except for supply and demand. Most factors instead affect the demand for Bitcoin, which makes the most likely choice of Paypal being the most favorable one. Imagine if Paypals Cryptosystem was integrated globally, you can probably expect either a similar run-up or maybe a bigger one compared to what we're experiencing right now.

[Reid]

We just don't know the numbers in Paypal.
It could be more than we are expecting.
A lot of people in other countries cannot buy Bitcoin due to regulations but with Paypal opening that door, it could really be massive.
Is Paypal providing how much Bitcoin was bought in their system?

They say US presidential election also got something to do with it, just indirectly.
Investors, Trump supporters saving their ass if the market will suddenly fall with him losing.

[bits4books]

What difference does it make to you, let's be honest - what was the reason? Everyone getting used to that BTC can both soar and break a new ceiling, and fall again and slide to an even lower price than before.
You are just trying to jump on an already crashed train.
And if you want the future, then look in the direction of Butorin and his ETH 2.0, pump is coming.

[Darker45]

It's always a combination of many things. It can't be Paypal alone nor Square. Neither is it about Microstrategy alone, too. But all of them are contributories. You know, when all of these things happen one after another, there was really no other way for Bitcoin but explode.

The price of Bitcoin already more than doubled for the past several months, and more than tripled when it bottomed at around $5,000 in March. This is a giant leap just within a single year. A lot of factors must have been involved.

Of course, small-time hodlers and investors are also playing a crucial role in this. I think most of them are also seeing a new ATH sooner rather than later.

[coolcoinz]

A bull run is like a boulder rolling down the hill. It's hard to get it going but once you do it gains speed until it hits an obstacle and stops. PayPal news got it going and it broke through the 14k resistance which was a strong bullish sign that made more people join the rally. The news that started it is no longer important. People who buy now do it because they see a lot of green on their charts.

[lightfoot]

I'd say it's partially due to Biden pulling ahead in the US elections. Regardless of personal thoughts, Trump is a bull in a china shop when it comes to policy and has been on the record against bitcoin. A bad breakfast could have resulted in bitcoin being banned or declared "evil".

I'm guessing people believe things will be more stable under Biden thus price pop.