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The economic crisis in Argentina prompts investors to buy Bitcoins to protect their wealth. At the same time, to meet the growing demand, the first of the 12 BTC ATMs has already begun operating in a shopping center in Buenos Aires. The number of shops that accept Bitcoin is also growing steadily. As the domestic currency decreases, Argentine investors and ordinary people exchange their peso for Bitcoins. Economist and mathematician, D.H. Taylor, writes: "Argentines are moving in large quantities from the pesos, which makes Bitcoin an increasingly stable currency (...) The stability offered by the digital currency is much larger than the pesos and the Argentineans are happy to purchase Bitcoin".
As regards supporting evidence, Taylor refers to a table showing the weekly volume of Bitcoin purchases in Argentina: "One of the richest countries in Latin America, Argentina, is again undergoing a serious economic crisis. In April 2018, the peso began to fall sharply in relation to the dollar".
Most economists agree that the peso devaluation stems from investors' doubts about the government's ability to stop the inexorable inflation and to minimize the effects of Fed rate hikes that have strengthened the dollar around the world. Currently, the inflation rate in Argentina, year-on-year, reaches over 34%.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has retraced almost 61% of the previous swing up as it bounced from the level of $6,539. The zone between the levels of $6,251 - $6,550 will now act as a resistance for the price again. The next technical support is seen at the level of $6,297.
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