- Kali Digital Eco-Systems filed the case in court; the company is planning to launch its own cryptocurrency exchange platform.
- The short-term support is at $8,800 while the next support is at the previous bull flag pattern close to $8,500.
The traders and cryptocurrency investors are shifting their sentiments towards the digital assets in the second quarter of 2018. This is happening after the first quarter witnessed the worst selloff in the history of the cryptocurrencies. Bitcoin price particularly shed off more than 60% of its value from the all-time high of about $20,000. However, the trend has been a bullish one in the month of April, where Bitcoin price has made great strides to recovery even testing the $9,000.
On the other hand, The Reserve Bank of India (RBI) was issued with a notice on April 22 following a petition that had been filed in court after the bank gave a directive earlier this on month barring crypto entities from accessing banking support in the country. The banks were told to halt business with cryptocurrency exchanges by July 2018. Kali Digital Eco-Systems filed the case in court especially because it was planning to launch its cryptocurrency exchange platform referred to as CoinRecoin. Rashmi Deshpande, associate partner, Khaitan & Co, a law firm that is representing Kali Digital Eco-Systems said that:
“The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why RBI is against the business of cryptocurrencies. Logical and well-thought argument backed by solid facts are the primary requirements under the constitution to put a stop to any business in India,”
Bitcoin price analysis
There was a breakout bull flag pattern that was started at $8,500 during the weekend trading sessions. BTC/USD recoiled higher to above the resistance level at $8,800. The bull’s appetite rose even higher to test $9,000 but face increasing selling pressure $8,977 before correcting lower towards $8,800. At the moment, Bitcoin price is ranging with the upside capped below $9,000. A bearish momentum is forming close to this level, although the 50 SMA is supporting the price on the downside close to $8,855. The short-term support is at $8,800 while the next support is at the previous bull flag pattern close to $8,500.
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
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.