Bitcoin Today News: Ohio Accepts Encryption Payments; Oversold Signals Indicate Potential Rebound

The price of Bitcoin (BTC) has fallen by approximately 2.75% in the past 24 hours, trading around $109,750, as the market weighs bearish technical signals against a series of bullish adoption headlines. On the positive side, Ohio has become the fourth state in the U.S. to authorize the use of cryptocurrency for public service payments, joining Colorado, Utah, and Louisiana, significantly enhancing the legitimacy of BTC in government finances. On the negative technical front, Bitcoin is in a descending triangle pattern, with key support at $109,000. Despite progress in the XRP ecosystem and stablecoin giant RedotPay, the market still faces technical adjustment pressure in the short term.

Institutional Legitimization of Bitcoin: A Milestone in Ohio

The decision of Ohio is an important step for BTC towards the government financial sector, enhancing its long-term value proposition.

· Unanimously approved: The state deposit commission unanimously approved a vendor to handle digital asset transactions, marking a milestone recognition of the legitimacy of BTC in government finance.

· Business Center Status: Ohio Secretary of State Frank LaRose praised this decision as a bold step that enhances the state's appeal as a business hub. He confirmed that his office will be the first to accept Crypto Assets for official payments.

· National Reserves: Legislators are also considering establishing a strategic encryption currency reserve, similar to the national Bitcoin reserve. This institutional move adds credibility to digital assets, helps build trust, and solidifies Bitcoin's long-term position.

XRP and RedotPay: The Altcoin Ecosystem Continues to Expand

Despite the sluggish market sentiment, the altcoin and stablecoin sectors are still rapidly expanding, which is expected to have an indirect positive spillover effect on Bitcoin.

· XRP Ecosystem Development: Ripple's XRP has fallen by 10% since September 19, currently trading around $2.82. However, CEO Brad Garlinghouse promoted mXRP at the 2025 Seoul XRP event, which is a tool that offers up to 8% yield on idle tokens.

· Real-world applications: Ripple has also partnered with Securitize to connect its RLUSD stablecoin with tokenized fund trading, further expanding real-world use cases. Institutional adoption of altcoins helps boost overall Crypto Assets market sentiment.

· Stablecoin unicorn: Payment company RedotPay has successfully entered the unicorn club by raising $47 million in just 18 months. The company is supported by Galaxy Ventures and has 5 million users, processing $10 billion in payments. Its global payment service, set to launch in June 2025, meets the cryptocurrency to bank transfer needs in underserved markets such as Latin America, helping to enhance people's confidence in digital finance.

Bitcoin (BTC/USD) Technical Outlook: Descending Triangle and Oversold Signals

(Source: TradingView)

From a technical perspective, Bitcoin is in a critical technical adjustment phase, but indicators suggest that bearish momentum may be weakening.

· Technical Formation: Bitcoin is currently trading within a descending triangle, with resistance at 111,128 USD and support near 109,000 USD.

· Downward risk: If it falls below the support of $109,000, there is a risk of the price dropping to $107,282 or $105,201.

· Oversold Signal: The Relative Strength Index (RSI) is around 38, suggesting that BTC may be approaching the oversold area, providing conditions for a potential rebound.

· Bullish Scenario: If a bullish candlestick can form at the current level, the price is expected to rebound to the major resistance zones of 113,900 USD and 117,372 USD. A breakout above 114,000 USD will confirm the upward path towards 120,000 USD.

Conclusion

Despite Bitcoin's fall in the short term due to technical patterns and market sentiment, the legislation discussions on authorizing encryption payments and strategic Crypto Assets reserves in Ohio provide strong institutional support for BTC. At the same time, the expansion of the XRP ecosystem and the stablecoin payment giant RedotPay also inject positive confidence into the entire digital finance sector. For traders, the $109,000 to $110,000 area is a window for cautious accumulation. As long as the stop-loss below $105,000 is maintained, Bitcoin is expected to leverage its fundamental advantages to initiate a new round of rebound before the end of the year.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make decisions with caution.