FX.co ★ Bitcoin analysis for 06/06/2018

The Municipal Court in St. Petersburg, annulled the District Court's earlier decision to block the Crypto Media website Bitcoininfo.ru, informs the local TASS newsletter. The District Court's verdict was released in July 2016 in line with the ban on cryptocurrencies - because digital currencies, such as Bitcoin, were not legal in this country.

As reported by TASS, a new decision was passed after the Supreme Court of Russia referred the case to the St. Petersburg Metropolitan Court, after filing a complaint from the owner of Bitcoininfo website. "The court in St. Petersburg annulled the decision of the District Court, which recognized the information posted on the Bitcoininfo.ru website as prohibited for viewing."

The Court's press service also announced that in July 2016 the District Court in St. Petersburg prohibited the use of the website at the request of local prosecutors. The case was heard by the court without the presence of website owners. According to the Bitcoininfo representative, the application process was unilaterally initiated by prosecutors without involving website owners and without requesting removal of content deemed illegal. He also noted that the Municipal Court refused to accept the application for an appeal after the ban.

Based on case files, local prosecutors demanded a ban on the website because it contained information about crypts that are "out of government control", "facilitate the growth of the shadow economy" and "do not have specific consumer characteristics".

The Municipal Court in St. Petersburg annulled previous court decisions prohibiting the operation of 40 websites related to Bitcoin in the Russian Federation. Initially, the ban was initiated because the websites disseminated information about the digital currency "which is not supported by any real resource and does not provide information about its owners". The court's decision is preceded by the upcoming regulatory framework for cryptography, which is scheduled for July 1, by the decree of Russian President Vladimir Putin. These frameworks are supported by the Legislative Work Committee of the Russian State Duma and include a bill on 'Digital financial assets', which was released in March this year.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market had tested the golden trend line from below and bounced back up from it towards the weekly pivot at the level of $7,523. Nevertheless, to reassure a valid bounce the price must break through the intraday resistance at the level of $7,752 and head towards the level of $7,890. Otherwise, the bear will make their presence visible again and will try to push the prices lower towards the technical support at the level of $7,232.