- The exchanges are required to meet the set obligations prior to registration.
- The bulls must regain control of the market to avoid further declines towards $6,900.
Bitcoin price has again dropped below the pivotal $7,000 level amid increasing selling pressure. The crypto seemed likely to retest the critical resistance zone around $7,200 but the buyers lacked enough momentum to protect the price gains above $7,000.
On the other hand, as from April 3, the cryptocurrency exchanges will have to conform to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) in Australia. Consequently, all the crypto exchange platforms in the country will be required to seek registration with the Australian Transaction Reports and Analysis Center (AUSTRAC). The exchanges are also required to meet the set obligations prior to registration.
Bitcoin price technical analysis
Bitcoin price is exchanging hands above the 50 and the 100 Simple Moving Averages. The gap between the moving averages is narrowing while the trend indicators are bending towards the upside to show that, Bitcoin price could consolidate higher. The 61.8% Fib retracement level with the last swing high of $7,177 and a low of $6,450 is working as the immediate support level (100 SMA). There is a growing bearish momentum around $6,930 as the MACD is dipping into the negative region. The bulls must regain control of the market to avoid further declines towards $6,900. A break below this level could pave the way for more declines towards the previous lows of $6,450.
BTC/USD intraday 30’ chart
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