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  • Residents in the states of New York, Georgia, Hawaii, and Wyoming can now buy and sell BTC on Squares Cash App.
  • Buyers have their eyes locked on $6,100 but the 23.6% Fib is capping intraday gains at $6,067.

The mobile payments company, Square according to CoinDesk, a cryptocurrency news website is allowing users in 50 US states to buy and sell Bitcoin. Square was co-founded by Twitter CEO, Jack Dorsey. The Cash App support for BTC buying and selling announcement was made via a Tweet on Monday 13. However, the company started offering Bitcoin services to its investors several months earlier.

Square began offering Bitcoin buy and sell services on its Cash App in January 2018. However, regulations in various states such as New York, Georgia, Hawaii and Wyoming forced the company to delay the service to these states. Earlier in March, Square rolled out Bitcoin services in the state of Wyoming. This was in the wake of the state removed the ruled that required “double reserve requirement for companies dealing with virtual currencies,” as reported by CoinDesk.

Significantly, the firm has been handed a “BitLicense” in the state of New York. It is now among the few crypto companies that can operate in the state.

Bitcoin price analysis

Bitcoin price is still maintaining the short-term support covered in an earlier analysis at $6,000. However, the price is still lacking the momentum to retrace above $6,100. Besides, the 23.6% Fib retracement level with the last swing high of $6,545.86 and a swing low of $5,921.42 at $6,067.92 is capping the movements to the north.

BTC/USD is down over 3% on the day, although the trend remains slightly bullish. It is currently trading at $6,020.74 and the buyers are still looking forward to $6,100. In the meantime, the support at $6,00o is at risk of being broken unless a higher support level preferably above $6,050 and $6,100 is established in the near-term.

BTC/USD 30-minutes chart