Sarah Tran
Independent Analyst
- Square CEO Jack Dorsey continues to double down on Bitcoin with a recent announcement of a new division focused on BTC.
- The new business arm will focus on building an open developer platform.
- Dorsey recently revealed plans to launch a Bitcoin hardware wallet.
The CEO of Square, Jack Dorsey announced on Twitter that the payments firm will open a new business arm that would focus on Bitcoin-related services.
Square to facilitate decentralized financial services
Twitter CEO Jack Dorsey revealed plans of a new service division at Square dedicated to Bitcoin and non-custodial, permissionless and decentralized financial services.
The new division will stand alongside Tidal, Seller and Cash App and will be led by Square executive Mike Brock.
According to Dorsey, the business will focus on building an open developer platform for facilitating decentralized financial services with a primary focus on the leading cryptocurrency.
Not long ago, the Square CEO announced the firm’s plan to launch a Bitcoin hardware wallet, creating a new source of revenue for its crypto arm.
Square has witnessed heightened crypto demand, with over $3.5 billion in revenue generated from Bitcoin in the first quarter of this year.
The payments firm’s hardware lead, Jesse Dorogusker, stated that the hardware wallet would make Bitcoin custody more mainstream.
Dorsey further added that the company's name is yet to be decided. The Twitter CEO previously stated that he believes Bitcoin could be the native currency of the internet. According to Dorsey, Square’s move to increase the adoption of the leading cryptocurrency is a part of that goal.
Bitcoin price bounces back on crucial support
Bitcoin price has formed a descending parallel channel since June 28. The sideways trend has locked BTC in consolidation, as the leading cryptocurrency has struggled to make higher highs.
Bitcoin price has found crucial support at the 78.2% Fibonacci retracement level. BTC is ready for a short-term trend reversal, as the Momentum Reversal Indicator has revealed a buy signal on the 12-hour chart.
Should Bitcoin price see accelerated interest, BTC could target the 61.8% Fibonacci retracement level coinciding with the 50 twelve-hour Simple Moving Average (SMA) at $33,552.
BTC/USDT 12-hour chart
However, given the prevailing direction of the technical pattern is sideways, Bitcoin price may be expected to retest the lower boundary of the price range.
Further selling pressure may push BTC price to test the June 26 low at $30,148.
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