Crypto Industry News:
El Salvador's President Nayib Bukele says 2.1 million of his fellow citizens are using the government-backed Chivo cryptocurrency wallet, giving insight into the apparent success of Bitcoin's adaptation.
The president posted a post targeting his 2.9 million Twitter followers on Saturday afternoon, claiming Chivo "now has more users than any bank in El Salvador" after just three weeks of operation. Bukele pointed out that it was only a matter of time before Chivo's adoption overshadowed all the banks in El Salvador combined.
The state-issued Chivo wallet was launched in early September, when El Salvador officially recognized Bitcoin as legal tender - a landmark move that could provide an important case study for other countries in the region. Chivo enables individuals and businesses to send and receive Bitcoin or dollar payments from anywhere in the world. The wallet is available for both Android and Apple devices.
Bukele's latest news suggests the new Bitcoin laws are being welcomed nationally, even as hundreds of anti-government protesters took to the streets to express their opposition. On September 15, these protests ended with the burning of a cryptocurrency kiosk in the country's capital.
Of course, the mass adoption of Chivo is partly due to the government giving $ 30 in BTC to every Salvadoran account holder. According to a recent survey by Sao Paulo-based Sherlock Communications, just over half of Salvadorans have no knowledge of Bitcoin at all.
Technical Market Outlook
Despite the bullish efforts, no new high was made at BTC/USD pair and the local high was seen at $44,316.This is the lower high, so the market participants are waiting for a clear breakout above the last high located at $45,115 or below the recent low seen at $39,536. The momentum remains neutral. The nearest technical support is seen at $41,373.
Weekly Pivot Points:
WR3 - $55,572
WR2 - $51,601
WR1 - $47,548
Weekly Pivot - $43,366
WS1 - $39,311
WS2 - $35,303
WS3 - $31,312
Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
