Here's what traders expect after Bitcoin price rallied to $13,217

On Oct. 21 Bitcoin price overtook the $13K mark to reach $13,217 after traders took out key resistance levels at $11,900, $12,000, and $12,500 in the last 48-hours.

The three catalysts are a favorable technical structure, PayPal enabling cryptocurrency purchases, and Bitcoin's rising dominance rate.

Earlier today, PayPal officially announced that it is allowing users to buy and sell cryptocurrencies, including Bitcoin.

Following PayPal's statement, the price of Bitcoin immediately rose from around $12,300 to as high as $12,900.

"Bitcoin passing $13,000 today, a 16-month high, demonstrates that this trend is only picking up pace. That PayPal, a household name, has received a conditional BitLicense is likely propelling bullish sentiment. Today is significant as a signpost for further price appreciation in the future the point by which mainstream media and 'mom and pop' retail investors may soon start to show interest in the asset, as they did in late 2017."Bitcoin dominance is rising.

In the past week, Bitcoin has outperformed alternative cryptocurrencies, decentralized finance tokens, and Ethereum.

Technically, this suggests that Bitcoin could continue to outperform altcoins in the near term.

Throughout October, traders have pinpointed the favorable technical structure of Bitcoin on the higher time frames.

Bitcoin's weekly chart, in particular, has shown a breakout and surpassed the previous local top achieved in August.

As mentioned earlier, today's high volume surge took the price to a new 2020 high at $13,217, which is well above the previous local top.