Block’s BTC-Focused Restructuring
Jack Dorsey’s payments company Block Inc. is notifying hundreds of employees during annual performance reviews that their roles may be eliminated. According to a Bloomberg report citing sources close to the matter, up to 10% of the company’s approximately 11,000-strong workforce could be affected. These cuts are part of efforts under the restructuring initiated in 2024 to more closely integrate the Cash App payment platform with Square merchant services, expand the BTC mining unit Proto and the AI project Goose, and conduct BTC detailed analysis.
Block shares ended Friday up nearly 5%. Source: Google Finance
BTC Price Surge Supports Block
Bitcoin has risen 15% in the last 15 hours, climbing from $60,000 to above $68,000; it is currently trading at $70,904 with +1.81%. Block holds 8,780 BTC (worth approximately $622 million). In November, Square offered merchants a BTC-fiat conversion payment option for accepting Bitcoin; over four million sellers in eight countries are using it. Institutional moves like Garrett Jin depositing 5,000 BTC into Binance are triggering the BTC rally.
Block will report its fourth-quarter earnings on February 26; analysts forecast $403 million in adjusted profit and $6.25 billion in revenue. In the third quarter, the company recorded $461.5 million in net profit, with Bitcoin revenue down to $1.97 billion.
BTC Technical Analysis and Supports
- Price: 70.904$ | 24h Change: +%1.81 | RSI: 34.53 (Oversold)
- Trend: Downtrend | Supertrend: Bearish
- Supports: S1 62.910$ (Strong, -%11.27) | S2 70.580$ (Strong, -%0.46)
- Resistances: R1 72.115$ (Strong, +%1.71) | Watch for BTC futures
Despite the downtrend, the BTC spot market may signal recovery at strong supports.
Source: https://en.coinotag.com/block-10-layoffs-btc-integration
