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Crypto Industry News:
The Central Bank of Argentina has banned cryptocurrency trading in the banking system, possibly influenced by pressure from the International Monetary Fund (IMF).
For a long time, Argentina has been viewed as a crypto-friendly place, and many locals have used Bitcoin as a hedge against inflation. According to some analysts, this may even be as close to 60% by the end of the year.
The new decision of the Central Bank of Argentina is so surprising that just a few days ago, the largest private bank in Argentina is introducing crypto. Banco Galicia announced then that over 4 million customers will be able to buy, sell and store BTC, ETH and popular stablecoins within two weeks.
The new solution would certainly gain popularity quickly, especially since the inhabitants of Argentina were eager to buy cryptocurrencies to avoid a drop in purchasing power, and in addition, employers can officially pay out up to 1/5 of their salary in crypto.
Although the ban introduced by the Argentine Central Bank may slow down adoption in the near future, inflation above 50% will certainly encourage many residents to use cryptocurrencies regardless of the bank's official position.
Technical Market Outlook:
The BTC/USD pair has made another swing low at the level of $29,765, so the sub $30k level had been hit. Currently, the bulls are trying to bounce higher. The nearest technical resistance is seen at $32,807 and $33,677. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $28,930. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.
Weekly Pivot Points:
WR3 - $43,590
WR2 - $41,841
WR1 - $37,271
Weekly Pivot - $35,409
WS1 - $31,101
WS2 - $29,209
WS3 - $24,500
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $32,899 and the at the round psychological level of $30,000.
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