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Crypto Industry News:
Protesters calling themselves the "Popular Resistance and Rebellion Block" came out against the Salvadoran government, which passed a law making Bitcoin legal tender. Local media shows Salvadorans carrying banners saying "no to Bitcoin" on the streets of San Salvador demanding the repeal of national Bitcoin law.
In a letter released during the protest, the group claimed that President Nayib Bukele passed a law that makes cryptocurrency legal tender in the country without proper consultation with citizens. The volatility of Bitcoin was also pointed out when comparing cryptocurrency investing to playing the lotto: "betting on the lottery is a voluntary act, while Bitcoin is required by law."
However, the group's main allegation about the Bitcoin legal framework appeared to center around a perceived imbalance in government cryptocurrency use compared to the average El Salvadoran resident. Protesters said Bitcoin "only serves some big businessmen, especially those linked to the government, to launder ill-gotten money."
"Bitcoin would facilitate public corruption and the activities of drug, arms and human traffickers, blackmailers and tax evaders. It would also cause monetary chaos. It would hit people's wages, pensions and savings, ruin many MSMEs, affect low-income families and hit middle class "- we read.
Although it was passed by the Salvadoran government and signed by Bukele in June, the law recognizing Bitcoin as the legal currency in the country will not enter into force until September 7.
Technical Market Outlook:
The BTC/USD pair has broken out of the trading range and is getting closer to this month's high at the level of $40,000. The recent high was made at the level of $39,706, but the bears were active at this level and pushed the price back under the technical resistance seen at $39,413. All the Fibonacci retracement levels had been violated as well and if the momentum will keep going up, then the next target for bulls is seen at the level of $40,454 and $41,749. The key short-term support is seen at the level of $36,552.
Weekly Pivot Points:
WR3 - $42,519
WR2 - $38,542
WR1 - $36,989
Weekly Pivot - $33,120
WS1 - $31,521
WS2 - $27,666
WS3 - $26,112
Trading Recommendations:
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. Any correction or local pull-back should be used to open the buy orders. 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).
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