Bitcoin backs away from above $10k, India tightens grip on cryptocurrencies

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 Bitcoin (BITCOIN) has been unable to stay above $10k for longer thus far  
 Indian banks tighten their grip on cryptocurrencies prohibiting use of credit cards in trading  
 Several UK companies form cryptocurrency trade body aimed at improving industry standards
 
The Bitcoin price has been able to breach a $10k mark for the first time this month but it’s failed to stay there for a longer period of time. What’s more, from a technical standpoint one cannot rule out a pullback as the digital currency has already faced a notable resistance being additionally underpinned by an upper boundary of an ascending channel. If bulls respect this level, a move toward $9350 or a bit deeper to a lower limit of the channel might be on the cards. Finally, do notice that a H4 time frame shows a bearish engulfing which appears to bode well for sellers in the near-term. An ultimate breakout above $10300 ought to signal an acceleration of an uptrend and then increased involvement of buyers could be anticipated.
Bitcoin could witness a corrective move toward the lower boundary of the falling channel.


Indian banks tighten virtual currency regulation following their Western counterparts
After a few weeks when some Western banks decided to ban the usage of credit cards in cryptocurrency trading, Indian financial institutions followed this decision and prohibited both debit and credit card usage in digital currency purchases. Nonetheless, local banks seem to just follow the Reserve Bank of India (RBI) which urged banks to do so. Let us recall that there were some rumours recently that the Indian government could ban cryptocurrency trading, however, it turned out to be erroneous revelations. Either way, while the broad-based ban on crypto trading has not been introduced so far the prohibition of debit and credit card usage on digital currency exchanges and other marketplaces might be viewed as a measure aimed at preventing local investors from entering the cryptocurrency market with debt.


7 major crypto firms set up cryptocurrency trade body


As much as seven leading UK-based digital currency companies (Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare) have announced the formation an independent trade body which the prime aim is to "improve industry standards and engage policymakers". It’s worth mentioning remarks coming from the UK chairman and managing director of Etoro who said that they will be seeking to develop the blueprint for what a future regulatory framework will look like. The body is to collaborate with the government and other regulators in raising understanding of the sector at a time of significant growth in popularity.