Investing.com - Bitcoin prices edged higher on Wednesday to test the key $490-resistance level following news that EBay's PayPal service will begin accepting bitcoins.
Bitcoin (BTC/USD) climbed 1.62%, or $7.66, on Slovenia-based BitStamp to trade at $481.64 during U.S. morning hours. Prices held in a range between $462.56 and $483.21.
Bitcoin prices were likely to find support at $455.22, the low from August 19, and resistance at $497.00, the high from September 4.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e eased up 0.18%, or 85 cents, to trade at $473.35.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rallied 1.87% to trade at $480.37.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) tacked on 1.6%, or €5.87, to trade at €372.21 on U.S.-based Kraken Exchange.
Prices of the virtual currency remained supported after EBay announced on September 8 that Braintree, the company’s payment processor unit, would begin accepting Bitcoin in the “coming months.”
EBay, the world’s biggest online marketplace, is the most significant business to date that’s embraced bitcoin. Dell, Dish Networks (NASDAQ:DISH), Overstock.com (NASDAQ:OSTK) and Expedia (NASDAQ:EXPE) also began accepting the virtual currency earlier in the year.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.