Bitcoin price analysis: BTC/USD bumped into resistance; South Korea to see how banks comply with crypto AML regulations
|- Bitcoin recovers stalls on approach to $7,200.
- South Korean watchdogs plan to inspect banks for crypto regulation.
Bitcoin recovery stalled at $7,150. The price touched $7,166 during Asian hours but failed to move any further without fresh catalysts. Trading volumes have been declining steadily since the beginning of April with 7-day volatility staying around 30%, which is two times lower that in the beginning of February.
While the market is waiting for fresh positive drivers South Korea announce another portion of anti-money laundering measures. According to the statement, published on the Financial Services Commission (FSC) website on Monday, the regulator plans to inspect three banks - NongHyup, KB Kookmin and KEB Hana - to make sure that they comply with new anti-money laundering rules for cryptocurrency exchange accounts.
South Korean authorities prohibited domestic banks from opening anonymous accounts for crypto exchanges to prevent illegal capital flows in the country. Now it's time to check how the banks fulfill new requirements.
Bitcoin technical picture
The intraday picture has little changed since early Asian hours with BTC/USD currently trading at $7,140. The resistance created by $7,150-$7,200 area seems to be strong enough to weaken the bulls' determination. Once this area is cleared, the coin upside may be extended towards key resistance created by April 3 high at $7,500. On the downside, the l support comes at $7,000 strengthened by 200-EMA (hourly interval); it is followed by $6,900 and $6,600.
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