Bitcoin Steadily Placed Just Before a Key Technical Level
Bitcoin (BTC) has been struggling to push any price headway for the past several years. All attempts to rally before ended in sell-offs. BTC dipped by more than 60% during the early-March liquidation panic, which spared a tiny amount of assets.
After that, BTC started to recover. It is now back to where it was earlier this year before the coronavirus-induced global market crash. The enormous monetary stimulus given by global central banks has undoubtedly contributed to Bitcoin’s price rebound.
In addition to that, since the bottoming in mid-March following a hit at $4,000, BTC has been increasing within a channel pattern. As of now, Bitcoin is sitting underneath the key $10,000 to $11,000 resistance zone, which has struggled to breakthrough for much of the past year. In case BTC can successfully clear this level in a convincing manner, it would be an essential bullish confirmation signal.
Furthermore, the weekly chart shows the way a wedge pattern has been forming in Bitcoin for the last few years. Huge moves typically happen when assets break out of wedge patterns. The $10,000 to $11,000 resistance of Bitcoin barely coincides with the downward-sloping resistance of the wedge pattern. If BTC could breakthrough this cluster of resistance levels, it would possibly clear the path for much more gains.
ZebPay and India
Meanwhile, ZebPay, a major Indian cryptocurrency exchange and wallet provider, has commissioned Chainalysis, a blockchain forensics firm, to watch transactions made across its platform in India.
Aside from that, the move comprises an expansion in a collaboration between ZebPay and Chainalysis. With the latter already providing its Know Your Transaction (KYT) services for ZebPay’s operations in Singapore.
Avinash Shekhar, ZebPay’s president, stated, “We wanted to build a best-in-class compliance program in India from the start.”
Also, Chainalysis will give real-time alerts notifying ZebPay for suspicious or high-risk transactions across its platforms.
The expansion of ZebPay in its compliance framework for Indian operations comes approximately three months after the country’s supreme court lifted the Reserve Bank of India’s long-standing ban on financial institutions. And this gives banking services to crypto firms.
Chainalysis’s chief revenue officer Jason Bonds praised ZebPay for strengthening its compliance and investigative capabilities within India’s apparent crypto liberalization. And he said that there are still actions that they need to do to enhance the cryptocurrency regulation in India.
Bonds explained, “We believe India is poised to make advancements for the cryptocurrency industry and look forward to growing our business there.”
The chief revenue also expressed his excitement in this partnership with ZebPay during such a historic time.
Moreover, a recent report from OKEx and Coinpaprika suggested that India’s share of cryptocurrency transactions would rise significantly over the next two years. And this is because locals are looking for access to a more efficient payment system.
Then, the report cleared out that a combination of increasingly permissive regulations, high remittance fees, and significant barriers in accessing foreign exchange markets will fuel Indian citizens towards crypto assets for the coming years.
After the repeal for the RBI ban, OKEx indicated that Indian traffic has increased by as high as 550%. Then, the new user registration from India has boosted by 4,000% during the Q1 2020.
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