Bitcoin price analysis: Is Bitcoin losing its mojo; PayPal CFO says merchants are less interested in cryptocurrency payments
|- “Right now, we don't see a lot of interest from our merchants," says PayPal CFO John Rainey.
- Bitcoin price testing resistance zone at $8,300, but upside target is at $8,500.
Bitcoin is in danger of sliding towards $8,000 but is supported above $8,250 during the intraday session on Thursday. There is a classic falling wedge pattern forming on the charts where Bitcoin price is trading lower highs and almost ranging lows. The buyers are have put their best foot forward to prevent major declines, however, BTC/USD is down a subtle 0.40% in the last 24 hours at the time of press.
PayPal launched Bitcoin payments back in 2015, however the CFO at the online payment guru, John Rainey says that at the moment the same merchants are not interested in taking virtual currency payments. Mr Rainey, while on CNBC’s Mad Money segment narrated how PayPal was among the first to allow merchants to accept cryptos years back. However, Rainey says “right now, we don't see a lot of interest from our merchants." He added that this does not take away the support for Bitcoin:
"But if it is something that stabilizes in the future and is a better currency, then we'll certainly support that."
Bitcoin price is testing the prevailing resistance area at $8,300, although it is still in danger of sliding. The buyers are eyeing $8,500 (100 SMA), but in the meantime, $8,400 is enough. The 50 SMA will offer resistance as the price attempts to correct higher close to $8,350. On the downside, $8,250 is a short-term support zone, but further declines beyond this level will be halted at $8,200 and $8,100.
BTC/USD 1-hour chart
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