Bitcoin price analysis: BTC/USD takes flight as buyers eye the coveted $7,000; Bitcoin, Ethereum, and Litecoin tested by Russia’s giant banks

Alfa-Bank and Sberbank are looking into the assets but within the current crypto regulations.
BTC/USD is trading a bullish flag pattern supported by the 100 SMA pending another upside breakout.

John Isige FXStreet

Bitcoin Cash is busking in the light of bullish trend is sweeping across the market. The battered Bulls defied the bear and employed the critical support at $6,400 surging past the key resistance at $6,600 and $6,700 respectively. BTC/USD is trading a bullish flag pattern supported by the 100 SMA pending another upside breakout.

In other news, two of the largest banks in Russia are preparing to test the working of various virtual currencies. This is in line with offering digital asset related investment options. Alfa-Bank and Sberbank are looking into the assets but within the current crypto regulations laid out by the government, “sandbox.” They expect to finalize with the testing in two weeks time. Anna Ivanchuk, the Deputy of Private Banking at Sberbank commented saying:

“We want to offer our clients a completely transparent version of the entrance to digital assets that fully meets the regulatory requirements that will allow them to invest in an interesting product in Russia.”

While Anton Rakhmanov, from the Department of Private Wealth Management at Alfa-Bank, also said:

“Our goal is to accelerate the adoption of a decision on the recognition of the CFA investment assets and introduce them into the legal field as quickly as possible.”

The digital assets that will be tested in the coming two weeks include, Bitcoin, Ethereum, Bitcoin cash as well as Litecoin. There are two more coins that are yet to be made public but we will inform as soon as we know.

Bitcoin price technical picture

Bitcoin price is currently supported at $6,700, besides on the upside, it has broken above the bullish flag pattern as observed on the chart. BTC/USD must clear the resistance at $6,760 before attacking the key level at $6,800. The buyers are intent on more corrections while eying the coveted at $7,000. Technical indicators point towards higher corrections in the medium-term.

BTC/USD 15' chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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