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Argentina May Adopt BTC as Legal Currency, to Introduce Bitcoin bonds 

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Argentina May Adopt BTC as Legal Currency, to Introduce Bitcoin bonds 

El Salvador’s Economy Minister, Maria Luisa Hayem Brevé, has introduced a new Digital Assets Issuance Bill. 

The proposed legislation intends to create a National Digital Assets Commission to supervise the licensing of companies that create digital assets, as well as other parties involved in the “public offering process” of digital securities.

Under the direction of President Nayib Bukele, it became the first country in the world to formally recognize bitcoin as a legal tender in 2021. Bukele also announced plans to issue bonds backed by bitcoin for $1 billion.

A growing number of establishments, including hotels, restaurants, pool halls, and even street vendors, now accept bitcoin payments. While larger companies use Bitcoin as a marketing tool, smaller vendors utilize it for minor transactions and just to hold it as an investment. 

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Why does Argentina Require Bitcoin Bonds?

In Argentina, alternatives are being sought as a result of the peso’s sharp depreciation. The best currency substitute, at the moment, appears to be cryptocurrency. 

Due to its rising popularity, one-third of Argentines now trade cryptocurrencies at least once every month. Many of them believe that the short-term volatility of cryptocurrencies is preferable when compared to the national currency’s rapid devaluation.

Samson Mow, CEO of JAN3, contends that Argentina needs to introduce Bitcoin bonds and use the digital currency as legal tender. These Bitcoin bonds could help raise money for an alternative source of income, the revenues of which could be used to pay bond coupons and purchase more Bitcoin.

The peso is rapidly depreciating as a result of a complicated web of policies that have failed to stabilize its value. Mow has even gone to the extent to claim that Bitcoin might eventually take the place of the peso as the nation’s currency. 

Argentines can mine Bitcoin using relatively inexpensive natural gas and energy from untapped hydroelectric sources, similar to El Salvador, which uses geothermal energy generated by volcanic activity.

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The Public Opinion 

Argentines have viewed the US dollar as a long-term safe asset. However, government regulations disturbed this practice. They impose high taxes on dollar-denominated transactions and limit dollar purchases to $200. 

Despite its volatility, Argentines increasingly favor Bitcoin over the peso and the dollar.

Bitcoin

Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

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Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

Bitcoin price gained bullish momentum above the $16,500 resistance. BTC could rise further if there is a close above the $17,000 resistance.

  • Bitcoin started a decent increase above the $16,500 and $16,650 resistance levels.
  • The price is trading above $16,500 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further if there is a close above the $17,000 resistance.

Bitcoin Price Gains Bullish Momentum

Bitcoin price formed a base above the $16,200 support zone. BTC started a steady increase and was able to clear the $16,500 resistance zone and the 100 hourly simple moving average.

During the increase, there was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement level of the downward move from the $16,589 swing high to $16,000 low.

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average. It is testing the 1.618 Fib extension level of the downward move from the $16,589 swing high to $16,000 low.

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Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $16,950 level. The first major resistance is near the $17,000 zone, above which the price may perhaps accelerate higher. In the stated case, the price could test the $17,500 resistance. The next major resistance is near $18,000, above which the price could gain pace for a move towards the $18,800 zone.

Dips Supported in BTC?

If bitcoin fails to climb above the $17,000 resistance, there could be a downside correction. An immediate support on the downside is near the $16,800 level.

The next major support is near the $16,500 zone or the 100 hourly SMA, below which the price decline further. In the stated case, the price might drop towards the $16,200 support zone. Any more losses might call for a test of the key $16,000 support zone in the near term.

Technical indicators:

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Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $16,800, followed by $16,500.

Major Resistance Levels – $16,950, $17,000 and $17,500.

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Bitcoin Price Looks Ready For Another Leg Higher Over $16.5K

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Bitcoin Price Looks Ready For Another Leg Higher Over $16.5K

Bitcoin price extended its decline and tested the $16,000 support. BTC is forming a base and might soon rise above the $16,500 resistance zone.

  • Bitcoin declined further and tested the $16,000 support zone.
  • The price is trading below $16,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if it clears the $16,500 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction from the $16,800 resistance zone. BTC declined below the $16,500 support level and the 100 hourly simple moving average.

The price even moved below the $16,200 level, but the bulls were active near the $16,000 support zone. A low was formed near $16,000 and the price is now consolidating losses. There was a minor increase above the $16,200 level.

Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $16,300 level. It is near the 50% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. The first major resistance is near the $16,500 zone, the trend line, and the 100 hourly simple moving average.

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Source: BTCUSD on TradingView.com

The trend line is near the 76.4% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. A successful move above the $16,500 resistance might start a decent increase. The next major resistance is near $16,800, above which the price could gain pace for a move towards the $17,500 zone.

More Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it could struggle to stay in a positive zone. An immediate support on the downside is near the $16,130 level.

The next major support is near the $16,000 zone, below which the price decline further. In the stated case, the price might drop towards the $15,500 support zone.

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Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $16,130, followed by $16,000.

Major Resistance Levels – $16,500, $16,800 and $17,000.

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Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

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Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.

  • Bitcoin attempted an upside break above the $17,000 resistance, but failed.
  • The price is trading above $16,300 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to decline if it breaks the $16,000 support zone.

Bitcoin Price Struggle Continues

Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance levels.

It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.

Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair.

It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level.

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Source: BTCUSD on TradingView.com

The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.

Fresh Decline in BTC?

If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.

The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone.

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Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,280, followed by $16,130.

Major Resistance Levels – $16,800, $17,000 and $18,000.

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