The Reserve Bank of India (RBI) has banned banks and other financial institutions from facilitating cryptocurrency transactions in the country. In response to this coalition consisting of four platforms for the exchange of cryptocurrencies and other startups, the regulator filed a petition in court, questioning the RBI directive. The decision of the Supreme Court will be considered on May 17.
The Central Bank of India has banned banks and other regulated financial organizations from dealing in cryptocurrency transactions last month. The regulator maintained that such a decision was in the interest of investors, citing the fact that cryptocurrencies constituted a tool for dishonest actions. According to RBI, the huge number of threats associated with the cryptocurrency market forced the central bank to take action. Many opponents responding to the ban expressed their opposition to this decision. They believe that this movement threatens the growth and development of the domestic cryptocurrency market. Others point to the unclear language of the ban, questioning its constitutionality.
Before the ban was introduced, the RBI issued three separate press releases warning against cryptocurrency investments. The country's government is also hostile to cryptocurrencies. Despite this hostility, there are reports that RBI wants to create a national cryptocurrency for India.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. After the three wave advance to the upside, the marked is reversing again towards the local lows at the level of $8,200. This small wave up might be a wave x, which indicates a possible drop lower towards the level of $7,712 as the correction evolves into a complex one. Moreover, the golden trend line is still providing the dynamic resistance for the price, so as long as this line is not violated, the outlook remains bearish.
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