Sheldon McIntyre, CMT
Independent Analyst
- Bitcoin price was up over 14% at one time today, taking it close to the imposing resistance beginning at $41,300.
- BTC falling wedge pattern breakout remains secure and projects higher prices.
- Amazon denied plans to launch a cryptocurrency in 2022 but acknowledged it would continue to explore cryptocurrencies.
Bitcoin price suffers a setback on the intra-day charts, but at this point, the selling has not altered the bullish BTC outlook.
Amazon search for a digital currency expert starts the ball rolling
An anonymous source within Amazon supposedly told the London business newspaper City A.M. that the company was preparing to roll out Bitcoin payment functionality on its platform by the end of 2021. According to City A.M., the source was adamant that it would be an integral part of Amazon in the future.
This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.
The source said that it was step one in Amazon’s cryptocurrency plans and that the company was very interested in building out the payment platform to include other cryptocurrencies.
Before the revelations of the anonymous source, there was already widespread speculation about Amazon’s move into the cryptocurrency market due to a job posting for a Digital Currency and Blockchain Product Lead on the company’s job board last week.
However, just now, Amazon denied that it would accept Bitcoin this year and categorically rejected that it would be launching a crypto coin in 2022. The company did acknowledge that it will continue to explore cryptocurrencies. Thus, leaving the door slightly open for a future platform to accept cryptocurrencies.
On the Amazon statement, Bitcoin price has pared gains from over 14% to just 6%, marking a setback for the flagship currency, at least temporarily.
BTC/USD 5-minute chart
Overall, the bullish outlook has not materially changed on the Amazon statement. The breakout from the falling wedge on July 22 is impulsive, with further upside potential moving forward.
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