Bitcoin price analysis: BTC/USD goes below $7,500; major Canadian bank bans cryptocurrency transactions

BTC consolidation period proved to be short-lived, as the price crashed below significant support level after another failed attempt to recover above $8,000.

Meanwhile, grim news continues flowing in. In Japan, the regulator forced two local exchanges to stop operations and withdraw registration applications, in Canada another major bank banned transactions with cryptocurrencies on both credit and debit cards. 

The Bank of Montreal started to block the operations related to the digital assets, according to the information posted by Reddit users. They got a letter where the bank explained that the ban was meant to protect the clients from the volatile nature of cryptocurrencies.

At the same time, the Bank of Montreal will continue providing banking services to the new cryptocurrency trading platform, established by TMX Group, which owns the Toronto Stock Exchange and several Canadian financial companies. 

Bitcoin price technical picture

BTC/USD short-term picture is clearly bearish, as the price stays below 50-SMA (hourly interval) at $7,800. Bears trod waters below $7,500, but the move was not sustained. As soon as it is cleared, the downside may gain traction and take the price to $7,318 (March 18 low). The nest support is seen at $7,000. On the upside, the resistance is created by the above-said 50-SMA and 61.8% Fibonacci level at $8,000.

BTC/USD, the hourly chart