- The growing users of cryptocurrencies in Canada are now forced to seek alternatives methods to support their investments.
- BTC/USD short-term support at $6,800; however, the stronger support is highlighted at $6,750.
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?