Crypto Industry News:
Salvadoran President Nayib Bukele wants to offer citizenship to those who invest in a small Central American country.
President Bukele announced via Twitter to the crypto community that he has sent a list of 52 legal reforms to Congress. Among the most noteworthy proposals, Bukele called for a reduction in bureaucracy, the creation of tax incentives and, most importantly, offering citizenship to foreigners who wish to invest in the country.
The president has promised to make El Salvador one of the most freedom-focused countries at a time when the world is falling into "tyranny".
Bukele has become an advocate of Bitcoin adoption and a controversial figure internationally for this very reason. Recently, a bipartisan group of senators in the United States introduced new laws in an attempt to mitigate the risks associated with El Salvador's adoption of Bitcoin as legal tender.
President Bukele rebuked the new laws and called US senators "booms," reminding them that they had zero jurisdiction over a sovereign and independent nation.
El Salvador is poised to launch its long-awaited billionth Bitcoin Volcanic bonds in March. The funds generated from the bonds will be used to build the world's first Bitcoin city.
El Salvador made history last September when it became the first country in the world to make Bitcoin legal tender alongside the US dollar. While most international organizations, including the World Bank and International Monetary Fund, continued to warn of the ill effects of using BTC as legal tender, the country reportedly achieved over 10% gross domestic product growth - the highest in its history.
Technical Market Outlook:
The BTC/USD pair has made a new local low at the level of $36,352, just above the technical support located at $36,190. Moreover, the market is back below the descending trend line, so the bearish pressure intensify. Any violation of the last support level located at $36,190 will result in sell of towards the swing low seen at $32,870. The immediate technical resistance is located at the level of $37,983, $38,885 and $39,555.
Weekly Pivot Points:
WR3 - $48,426
WR2 - $46,630
WR1 - $41,615
Weekly Pivot - $39,882
WS1 - $34,802
WS2 - $32,798
WS3 - $28,034
Trading Outlook:
The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.
