Bitcoin price analysis: BTC/USD sustains overarching declines as India’s upcoming ban sends chills across the market

Bitcoin price has tanked over 5% on the day and traded below $6,320 as the crypto market suddenly turned red. The crypto has canceled the gains that had accrued after the brief recovery momentum that returned in the market late last week. BTC/USD is now trading above $6,300 and settling into a bearish flag pattern following the unexpected declines.

India’s Zebpay exchange today took the liberty to inform its customers that they are nearing the D-day when they get cut off from accessing banking services in India. Little did Zebpay exchange know that the communication would culminate in the biggest selloff of the week. The Reserve Bank of India in April this year, ruled that exchanges and other crypto related businesses will no longer have access to banking services come July. The central bank has been taken to court but the case has not been determined, leaving businesses in a state of uncertainty.

In the meantime, the battered Bulls are battling to shake off the bears after the overarching declines. The price is testing the short-term resistance at $6,360, but further up, the critical resistance is at 6,400 (broken support). The stochastic on the chart is currently showing bullish signals, besides it has recovered from the oversold and is at 60% and heading north. There is an immediate support at $6,320, however, the next support target is at $6,300.