Tanya Abrosimova
Independent Analyst
- Bitcoin price is growing, but lots of technical troubles lie ahead.
- Finnish banks block transactions of local cryptocurrency operators.
Bitcoin price bottomed out at $8,479 on Sunday and gained over 13% since that time to trade at $9.590. The coin has made its way above 200-DMA that coincides with psychologically important $9,000 level and touched the area over the longer-term downside trendline.
While this development makes the technical picture a bit brighter, the Bitcoin is not out of the woods yet, as the price needs to clear several checkpoints to have the mid-term bullish trend well-established. The resistance levels are generated by 50-DMA at $9.930, psychological $10,000 and 50% Fibo at $10,266.
Meanwhile, traditional financial institutions continue their assault against cryptocurrency companies. Finnish crypto exchange Prasos reports that four local banks have already blocked its transaction. Other Nordic companies dealing with digital assets face similar problems.
Finland’s Financial Supervisory Authority does not regulate cryptocurrency trading, so it is solely the banks' initiative as they try to adhere to anti-laundering rules, which require them to know their customers and the origins of their money.
“We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business is not under regulatory obligations” - Prasos's Chief Executive Officer Henry Brade commented to Bloomberg.
BTC/USD, the daily chart
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