Crypto Industry News:
Sergio Massa, one of the candidates for the office of President of Argentina, claims that the introduction of CBDC is a solution to hyperinflation. Javier Milei, his opponent, believes that this is the worst possible economic idea. Moreover, Milei is famous for its pro-Bitcoin approach to economics. The presidential election in Argentina is therefore a CBDC vs. Bitcoin duel.
The presidential campaign in Argentina is gaining momentum like Messi in the penalty area. The two main rivals are Sergio Massa and Javier Milei. After taking over as president, Massa wants to introduce a central bank digital currency (CBDC), which is supposed to be a cure for the hyperinflation that has been affecting Argentina for a long time. In one of his speeches, Massa stated that the introduction of CBDC should apply to the entire country. At the same time, a law is also to be passed that legalizes income and allows everyone who has money abroad to transfer it and use it freely in Argentina without new taxes on converting foreign currency into Argentine CBDC.
In turn, Milei ridicules the idea of a rival candidate and points out that the only protection against "central bank scammers" is BTC. Milei wants not only to relax cryptocurrency regulations and introduce them to general use, but above all to change the country's main currency to USD. It is worth adding that the Argentine peso has lost 99% against the dollar and the PESO/USD conversion rate is currently 0.0029.
Polls conducted among Argentine voters show that there is no favorite among the candidates. For this reason, the election of the new president of Argentina will be determined by turnout and the last weeks of the election campaign. Milei, the opposition candidate for president of Argentina, is known as an eccentric artist who wants to upend the political establishment.
Technical Market Outlook:
The BTC/USD pair has reversed back to the middle of the ascending channel after a failed spike up above $28k. The next target for bulls is seen at the level of $28,687 and $28,800, however, currently it is a time for a correction or consolidation of the recent gains. The intraday technical support is seen at $27,287 and the intraday technical resistance is located at $28,125. The strong and positive momentum supports the short-term bullish outlook for BTC, but currently is testing the neutral level of fifty. Any breakout lower would likely extend the down move on BTC towards the level of $26,909 (100 MA).
Weekly Pivot Points:
WR3 - $28,708
WR2 - $28,340
WR1 - $28,158
Weekly Pivot - $27,972
WS1 - $27,790
WS2 - $27,605
WS3 - $27,237
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
