Bitcoin is again over $ 56K

Bitcoin (BTC) recovered rapidly following PayPal’s announcement on Tuesday.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: TradingView

Dogecoin Day supports the rise

According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair rebounded to $ 56,000 after declining to $ 53,300 during the day.

While volatility continues, confidence has increased that the pair will hold onto a key support level of $ 52K.

PayPal’s payment company Venmo recently announced that it will support cryptocurrency trading. Dogecoin Day, which was declared a celebration day by the crypto community and had a great impact on social media, also supported the rise of Bitcoin.

The # Doge420 hashtag continues to be in the spotlight on Twitter right now. DOGE, which increased by 420 percent throughout the week, is traded over $ 0.38.

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