Russia is considering accepting bitcoin as payment for its oil and gas exports

The bitcoin price has been trending higher since then, looking set to finish the second bullish week in a row. The BTCUSD rallied strongly on Thursday as the buying pressure intensified after the coin exceeded the descending 100-DMA for the first time since December. Earlier on Friday, the most popular cryptocurrency extended gains to the $44,400 zone before retreating back to the flat-line in recent trading.  

The latest ascent in the market was triggered by reports that Russia is considering accepting bitcoin as payment for its oil and gas exports. Moscow is looking to diversify into other currencies and appears to be decisive in moving away from the US dollar against the backdrop of the endless Western sanctions amid the ongoing special military operation in Ukraine. 

Elsewhere, the Bank of England said on Thursday it was developing Britain’s first regulatory framework for cryptoassets. In the accompanying statement, the central bank said a rapid growth in cryptocurrencies that could “pose risks to financial stability” if left unregulated. 

Now, the digital currency is trading up more than 5% month-to-date, approaching the $45,000 significant hurdle on the way towards the $50,000 barrier last seen in late 2021. However, it looks like the coin will struggle to get back above this psychological level as uncertainty remains elevated globally, including traditional financial markets.

Possible rejection from the $45,000 zone could bring the prices back below the mentioned moving average, today at $42,000, followed by a slightly ascending 20-DMA that represents the intermediate support on the way towards the $40,000 mark. 

On the weekly timeframes, the prices are approaching the important 20-SMA that arrives marginally above $45,000. A decisive break above this hurdle would open the way towards more steady and solid gains in the coming weeks. Still, the overall trend in the cryptocurrency market remains bearish at this stage.


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