Bitcoin price analysis: BTC/USD attempts to correct higher towards $7,000 while Canada’s Bank of Montreal bans cryptocurrency purchases

Bitcoin price is trading in a tight range on Wednesday as it attempts to pull up from the lows it has explored in April. The chart is showing green today as the price records more than 1% growth in the last 24 hours.

The cryptos are gunning for acceptance in the traditional financial systems; however, some major banks prefer to stay away from the volatility that comes with the digital assets. The Bank of Montreal has now become the latest to join the wagon of the banks that do not dig the cryptocurrency craze. The growing users of cryptocurrencies in Canada are now forced to seek alternatives methods to support their investments, for example, LocalBitcoins. Most major banks in Canada for instance, Toronto Dominion (TD Bank) and the Royal Bank of Canada have blocked their customers from purchasing cryptocurrencies.

Bitcoin price slumped on Monday 9 from highs of $7,170 to $6,662 after a selloff that the cryptocurrency experts are blaming on the taxman. BTC/USD is correcting higher currently after breaking above the 23.6% Fib retracement level with the last swing high of $7,170 and a low of $6,662. Bitcoin price is exchanging hands below the 100 SMA which also coincides with the 38.2% Fibo; both are offering resistance to the upside close to $6,888. On a broader look, Bitcoin price has formed a short-term support at $6,800; however, the stronger support is highlighted at $6,750.

BTC/USD hourly chart