Bitcoin started the week on a positive note after logging a clear break above the $53,200 resistance. The coin soared higher above the $55K and $56K levels on bullish news of more potential mainstream crypto adoption.
As reported by the Daily Chain earlier today, Visa has approved the use of the USD Coin to settle transactions on its payment network. As per the initial Forbes report, the credit card giant has launched a pilot for the programme with payments platform Crypto.com. Visa plans to offer the option to more of its business partners later in 2021.
Following the news, BTCUSD jumped over 3% and formed highs above $58K heading into the European session. The coin is currently facing resistance in the lower-$58,000 zone but could rally higher if it steadies above $57K.
April Could Be Even Bigger For BTC Price, Says Data
Bitcoin has soared over 500% since October of 2020 when the current bull cycle began. The digital asset’s momentum dwindled this month after prices surged past $60K and formed a new lifetime high above this level.
The stalled rally came as no surprise to many BTC analysts, who view March as the bloodiest month historically for crypto markets. Bitcoin has faced a series of rejections at its ATH and traded as low as $50K over the past week.
According to historical bitcoin price data, the downtrend could soon end as markets head into April, a month where BTC has been known to break fresh ground in the past.
According to Danny Scott, the CoinCorner crypto exchange CEO, analysis of BTC price data over the last decade shows a 51% average gain for the flagship crypto in April. If the data holds true, then bitcoin would soar to highs of just over $80K by the end of next month.
Speaking via Twitter DM, Scott added that given the historical price trajectory of BTC, prices “may stack up” this coming month:
“As with any month, the potential price prospects of bitcoin can be split into a number of different thought processes. Time of the year can be a factor, and the month of April is always highlighted, as it’s the end of the U.K. and U.S. tax year,” Scott shared with Forbes.
ETH Price Gains Momentum Above $1,800
Ethereum recovered above $1,700 on Monday and even tested $1,800 against the U.S. Dollar. The top altcoin rallied higher after Visa announced support for the native token of the Ethereum blockchain.
The payments giant revealed it would offer its crypto partners the option to settle transactions in USDC over the ETH network. The move makes Visa the first major payment services provider to integrate a stablecoin into its legacy systems.
Following the news, the ETHUSD pair surged by almost 7% to currently reach an intraday high of $1,834.
Read more: The Daily Chain