Bitcoin Today: Korean exchanges demand verifications

Price
Yesterday 6400 level was squashed by massive sell orders which brought the price to the lower bottom of the channel. The downward movement did not manage to renew last-week lows at 6100, the fall stopped at the 6200 level and now the price hangs above 6250. The overall picture has not changed, the bitcoin still moving in the lateral channel, inside the bounds of 6100 – 6600. The main support, for now, is 6100 level, breakthrough below this level will send price to the yearly low at 5750. From above we have local resistance 6600, but still, to consider any bullish developments we will need to see a confident break above 7000.

Today forecast
Trading in the 6100 - 6600 zone. Breakthrough below 6100 will target the 5750 support.

Latest news

• South Korean bitcoin-exchanges will close fiat withdrawals for unverified traders
  A week ago, markets were stoned by the news that Korean banks will limit the service of unverified users of crypto-instruments. The first steps in this field make the largest Korean exchanges.
  In October Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports.
  For corporate participants, the possibility of withdrawing fiat currencies from Bithumb will be discontinued on October. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to meet the requirements of the Korean anti-money laundering policy.
  Representatives of the exchange clarified that the limitation concerns only the fiat funds, cryptocurrency transactions, and withdrawals will not be affected.
  The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms.
  However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone, and Korbit. Moreover, despite the efforts of the government, banks and the stock exchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the stock exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.
  A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw fiat after October 15.
  Upbit and Korbit, which do not use Nonghyup Bank, have not announced that they will stop providing Korean won withdrawal service to unverified users yet.