PNC Bank Launches Direct Bitcoin Trading Through Coinbase Partnership
PNC Bank has opened direct Bitcoin trading for its private-bank clients, becoming the first major U.S. bank to integrate spot Bitcoin buying and selling directly into its platform. This feature was activated on December 9, utilizing Coinbase’s Crypto-as-a-Service infrastructure for trade execution and custody services.
The introduction of this service allows eligible PNC clients to buy, sell, and hold Bitcoin without needing to leave the bank’s digital banking environment. The trading functionality is embedded within PNC’s existing private-bank dashboard, enabling users to seamlessly transition between their traditional accounts and Bitcoin balances. The bank has confirmed that Coinbase is powering the trading engine behind this new service.
This development follows a partnership announced earlier this year between PNC Bank and Coinbase, aimed at developing crypto tools for PNC’s wealth-management division. Today's launch signifies a significant step for a major U.S. bank, offering direct access to spot Bitcoin rather than solely relying on ETFs or external referrals.
Bitcoin Technical Analysis: A 2021 Pattern Suggests Potential for Further Price Movement
Concurrently, Bitcoin’s price action is exhibiting a pattern that closely mirrors its 2021 market cycle, according to recent weekly chart analysis by market observer Ted Pillows. His analysis identifies two rounded tops formed near record highs, followed by a significant pullback and a swift recovery from support levels. This sequence is reminiscent of the double-top pattern that characterized the market in late 2021, preceding the more substantial decline experienced in 2022.
Bitcoin Double Top Pattern. Source: TedPillows
The chart indicates that Bitcoin’s price rebounded from the initial downturn and subsequently moved back towards its previous peak. Similar behavior is currently being observed on the weekly charts, with Bitcoin experiencing a bounce from the mid-$80,000 support zone after a sharp drop from its highs near $128,000. Ted Pillows notes that this rebound aligns with the same market rhythm seen three years ago, when a brief rally followed the initial decline.
Pillows suggests that this recurring structural pattern indicates potential for an additional upward price movement. His analysis maps out a possible trajectory toward the $100,000 to $105,000 range before momentum begins to wane. The chart highlights the same shaded support area as a critical pivot point in both cycles. In 2021, this level held before sellers regained control, initiating the price decline into the following year.