Bitcoin’s been having a rough time lately, sliding down to around $109,650 with a 2.75% drop in the past day. That’s frustrating considering there’s actually some pretty decent news coming out about crypto adoption in the US.
Ohio just became the fourth state to let people pay for government services with cryptocurrency , joining Colorado, Utah, and Louisiana. The State Board of Deposit voted unanimously to approve a vendor that can handle digital asset transactions, which is actually a bigger deal than it sounds. Ohio’s Secretary of State Frank LaRose is calling it a bold move that makes the state more business-friendly.
What makes this interesting is that lawmakers there are also talking about creating a Strategic Cryptocurrency Reserve, which would be like having Bitcoin in the state treasury. These kinds of official endorsements usually help build trust in crypto, even if the price action doesn’t show it right away.
The technical picture for Bitcoin isn’t looking great though. It’s stuck in what traders call a descending triangle pattern, with resistance around $111,128 and support near $109,000. If that support breaks, we could see Bitcoin drop to $107,282 or even $105,201. The RSI is sitting around 38, which suggests it might be oversold, but that doesn’t guarantee a bounce.
XRP is also struggling despite some positive developments. It’s down 10% since September 19th and trading around $2.72 , even though Ripple keeps announcing new partnerships and features.
Conclusion
Despite Ohio’s pro-crypto moves, Bitcoin struggles near key support levels, highlighting weak market sentiment. Adoption news builds long-term trust, but short-term technicals still look bearish.
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