Bitcoin Sets its Eyes on $62k as Paypal Increases Crypto Adoption

In brief:

  • Paypal’s U.S customers will soon have an opportunity of checking out using their crypto holdings
  • This increases crypto adoption by allowing users to pay for goods and services at over 29 million merchants
  • The news could propel Bitcoin to $62k if $58k is maintained as support during the monthly close

News coming in from Reuters indicates that Paypal will soon allow its U.S customers to pay for goods and services through their crypto holdings. According to Reuters, the official announcement by Paypal will be made later today.

Furthermore, once implemented in the coming months, U.S customers will be able to convert their crypto holdings to fiat to pay for goods and services at Paypal’s over 29 million online merchants globally. In particular, the conversion from crypto to fiat will involve Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

The move by Paypal increases crypto adoption as summarized by the President and CEO, Dan Schulman.

This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.

Bitcoin Could Be Gunning for $62k Thanks to the Paypal News

At the time of writing, Bitcoin is trading at $59,200 after a knee-jerk reaction to the news of Paypal soon allowing U.S customers to convert crypto into fiat for payments of goods and services to over 29 million merchants.

Before the announcement, Bitcoin was consolidating at the $58k price area which is crucial support as the month of March comes to a close. This price level is also key in BTC retesting and eclipsing the $60k price ceiling.

In a recent analysis of Bitcoin, the team at Crypterium research highlighted the $58k support zone as pivotal towards BTC moving towards the $62k price area. The team also warned that the failure of Bitcoin to recapture $58k will ultimately lead to a drop towards $40k as explained below.

The key level is the $57,000 — $58,000 range. If the price manages to gain a foothold in this range or higher, then the chart expects a new round of growth up to $62,000. But if the price does not gain a foothold, then with a high probability we can see a reversal and the formation of a “head and shoulders” pattern. This could result in a drop of up to $40,000.

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