Bitcoin holds $60K-support as rumors of Amazon integrating crypto payments hit markets

bitcoin holds 60,000 support as amazon looks to hire crypto finance person
“Bitcoin holds $60K-support as rumors of Amazon integrating crypto payments hit markets” Image by Canonicalized via Flickr
  • Amazon’s cloud computing subsidiary stokes crypto payment integration plans through a job ad.
  • Bitcoin is in a downtrend but held strong above the $60,000 support.
  • BTC/USD pair could experience a surge in buying pressure again.

PUNE (Coinchapter.com) – Bitcoin remained buoyant above the $60,000 as word spread on the street about Amazon supporting cryptocurrency adoption. The e-commerce giant’s cloud computing arm, Amazon Web Services (AWS), recently posted a job posting to hire a Financial Services Specialist.

Amazon’s Latest Bet On Furthering Crypto Adoption

The said AWS personnel will be responsible for connecting with global financial institutions and fintech firms. He/She will work with them and “transform the way they transact digital assets (ex. cryptocurrencies, CBDCs [central bank digital currencies], stablecoins, security-backed tokens, asset-backed tokens and NFTs [non-fungible tokens]) from price discovery to execution, settlement, and custody.”

Some in the crypto community saw this as Amazon enabling Bitcoin and cryptocurrency payments for its products and services.

This isn’t Amazon’s first effort to hire professionals to further the crypto cause. Back in February 2021, Amazon announced plans to launch a digital currency project in Mexico. The company was looking to hire an executive to help launch cash to crypto converting products.

Related: Amazon Eyeing New Digital Currency Project Aimed At Mexico

The latest role is more driven towards enabling organizations to tread the crypto curve. Job responsibilities would require the executive to work with multiple professionals from other AWS departments.

“”Working hand in hand with our sales teams, solution architects, [independent software vendors] and systems integrators you will help deliver the solutions that move customers towards end-to-end digital asset underwriting, transaction processing, and custody in the cloud”

said the job ad

In July 2021, Amazon was looking for a digital currency and blockchain lead. The same sparked rumors about the e-commerce giant integrating cryptocurrency payments on its platform. As a result, both Bitcoin price and Amazon stock spot rates shot up to $40,000.

Related: Bitcoin blasts towards $40K on Amazon adoption row

Not Bitcoin Acceptance For Now

However, the benchmark crypto asset’s rally to $40,000 was cut short after Amazon officials came out against reports citing the e-commerce giant’s supposed plan to accept BTC payments by year-end. The company also negated speculations about launching its native digital asset next year.

But the Seattle-based firm acknowledged the rising interest in digital assets. And how they are rapidly picking up pace amongst millennial and Gen-Z shoppers.

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

the company said in a statement 

BTC/USD Holding $60K

Bears took charge of the Bitcoin market after the flagship cryptocurrency topped at $67,000. As a result, the BTC/USD pair has followed a downward trend trading within a Descending Channel setup since October 20, 2021. But the overall trend since July 20, 2021, has been that of an uptrend.

Bitcoin looking to break out of the descending channel setup
Bitcoin looking to break out of the descending channel setup. Source: BTCUSD on TradingView.com

And even after the dip post a new all-time high, bulls have maintained their stand, leading Bitcoin to hold strong above the $60,000 support. Relative strength index (RSI) too corrected down to the neutral before ticking up again. An RSI figure of 57 is an open invitation to buyers.
The BTC/USD pair looks primed for a breakout from the Descending Channel setup and might as well resume its trajectory to the next upside target at $70,000.

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