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Bitcoin is Pumping and Argentina’s Elections Might be the Reason!

  • The unexpected win of Javier Milei in Argentina’s presidential race triggered a surge in the crypto market.
  • Bitcoin experienced an immediate uptick of 3% to reach $37,502.

Javier Milei has secured victory in Argentina’s presidential race, setting the stage for a potential economic transformation in the country. Known for his outspoken support of Bitcoin and sharp criticism of traditional central banking systems, Milei’s win has sparked optimism in the cryptocurrency market. Following the announcement, Bitcoin displayed an immediate surge of 3%, reaching $37,502 from $36,437.

While Milei hasn’t proposed making Bitcoin legal tender, he has been a vocal critic of the central bank, denouncing it as a “scam.” According to Milei, Bitcoin represents a move towards returning control of money to its original creator – the private sector. This comes at a critical time for Argentina, as the nation grapples with severe inflation, reaching 142% in October.

What’s Bitcoin’s (BTC) Next Target?

The largest cryptocurrency began a fresh upward trend from the $36,500 support zone, currently trading above $37,150 and the 100-hourly simple moving average.

Bitcoin (BTC) Price Chart (Source: TradingView)

Bitcoin found support near the $37,050 zone, with bullish activity above the $37,180 level initiating a new uptrend. A key bullish trend line is forming with support near $37,150 on the hourly chart of the BTC/USD pair.

Immediate resistance lies near the $37,350 level, and a clear breakthrough could propel the price toward $37,800. In such a scenario, Bitcoin might target the $38,500 level and potentially aim for $40,000.

However, if BTC fails to breach the $37,350 resistance zone, it may prompt another decline. Initial support rests near $37,100, followed by $37,150 and the trend line. A break below $37,100 raises the risk of further downsides, with potential targets at $36,750 and $35,950.

Milei’s victory and his pro-Bitcoin stance have injected a new sense of optimism into the cryptocurrency market. Will it continue? Share your thoughts by tweeting us with @The_NewsCrypto.

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