Bitcoin price analysis:  BTC/USD recovering, eyes on $6,900; FCA urges banks to keep an eye on customers dealing with cryptos

  • FCA requires more diligence towards cryptocurrency operations.
  • Bitcoin bulls have a long way to go to claim the recovery.

BTC/USD recovered from early losses to trade at $6,860, mostly unchanged since the start of the day.  The digital coin No.1 is rangebound on Tuesday after a volatile weekend. 

Meanwhile, U.K.’s Financial Conduct Authority took time to remind bank CEOs about potential risks related to cryptocurrencies. It’s not the first time the British regulator issues such kind of warnings, but in the latest attempt, it urges banks to pay special attention to the clients, who deal with cryptoassets. Namely, FCA emphasizes the importance of due diligence to ensure anti-money laundering protection and compliance with existing financial crime frameworks.

Bitcoin’s technical picture

From the intraday perspective, BTC/USD is capped by 100-SMA (hourly chart), currently at $6,874. If this level is successfully passed, the recovery may be extended towards the next local goal at $6,900 and to $7,000. The support is produced by 50-SMA at $6,790, followed by Sunday’s low at $6,652.

In the long-run, Bitcoin bulls have to take the coin above $7,683, which is 23.6% Fibo to ensure stable recovery with the ultimate goal at $8,000 followed by $8,300 (50-DMA). 

BTC/USD, the 30-min chart

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