'Caged Bull' Bitcoin Crosses The $13K 'Breakout' Mark

Bitcoin (BTC) crossed the $13,000 mark on Saturday, the first time since Jan. 2018 it has closed above this number, according to CoinMarketCap data. 

What Happened: The apex cryptocurrency has risen 14.85% over the last seven days as of press time, CMC data suggests.

There was a brief upsurge in Bitcoin prices in late June and early July 2019, when the cryptocurrency traded above the $13,000 level, CoinDesk reported.

The cryptocurrency market surged over the weekend, but the market saw a correction late Sunday and early Monday. Nevertheless, BTC continued to tread above the psychological $13,000 mark.

Bitcoin traded at $13,101.56, lower by 1.33% at press time. Ethereum (ETH), the second-largest cryptocurrency by market valuation, was down 2.18% at $406.57. Among other major cryptocurrencies, XRP (XRP) was down about 0.3% at $0.26. Bitcoin hard fork Bitcoin Cash (BCH) was down 1.47% at $269.96.

A Bloomberg Intelligence report in July pinned $13,000 as a breakout target for Bitcoin, dubbing it a "caged bull."

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Why It Matters: The world's apex cryptocurrency hitting the key benchmark followed a flurry over the course of the last week.

PayPal Holdings Inc PYPL announced it would allow its users to buy, sell, and hold cryptocurrencies including Bitcoin. 

That announcement led to a sense of "vindication" in the Bitcoin community, with some like Social Capital CEO Chamath Palihapitiya suggesting the move could fuel further adoption by banks.

This month, Jack Dorsey-led Square Inc SQ said it was investing $50 million in Bitcoin. 

Barry Silbert, CEO of Grayscale, said that the investment firm added $300 million in a single day last Thursday to its assets under management.

Grayscale Bitcoin Trust GBTC AUM rose to $6.03 billion, the same day.