Bitcoin Sentiment Analysis: Bitcoin paces towards $10,000 on PayPal crypto integration rumors

  • PayPal set to hire tow blockchain engineers amid rumors of cryptocurrency integration.
  • Bitcoin price tests $9,800 riding on the PayPal rumors; a sigh of relief for BTC investors.

Bitcoin price extended the minor bullish momentum witnessed on Monday to levels close to $9,800. A weekly high was formed at $9,786.24 before a retreat came into the picture. The breakout has been linked to the rumors that PayPal could be moving towards the integration of Bitcoin and other cryptocurrency payments.

The rumors of the integration surfaced following two job listings by PayPal. The job listings are seeking for cryptocurrency and blockchain experts. PayPal commands a market of more than 305 million around the globe. One of the listing is titled “Technical Lead – Crypto Engineer.” This person will account for:

“New initiatives for PayPal global with a focus on agility, time-to-market and innovation. The role includes designing, developing and maintaining key crypto products/features targeted towards availability, performance and scalability of PayPal services.”

The second job listing is seeking for a blockchain research engineer who will work in PayPal’s research team “within the Strategic Technology Enablement team chartered with establishing expertise and opinions on emerging blockchain technologies and their potential uses within PayPal.”

The job listings remain live and public amid rumors that PayPal is gearing towards the integration of cryptocurrency payments. PayPal has for a long time considered developments in blockchain and virtual currencies to carry potential risks that are likely to harm the firm. However, company policies change all time and this could be PayPal’s way of diving into the rapidly growing blockchain industry.

Meanwhile, investors are nonetheless relieved that the rumor sent BTC closer to its psychological barrier at $10,000. It is now clear that a boost above $9,800 could pave the way for gains above this same barrier. For now, Bitcoin has retreated to $9,650 after $9,700 failed to transform into a support area. Support above $9,600 will, therefore, avert losses towards $9,500 and allow bulls to focus on the barriers at $9,600 and $10,000.

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