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Crypto Industry News:
The president of El Salvador, Nayib Bukele, continues to promote bitcoin. During a recent conversation with the media, he pointed out that the country's tourism has benefited greatly from his pro-bitcoin policy. He pointed out that since the recognition of BTC as a means of payment, the tourism industry in his country has grown by as much as 95%.
When in 2021 the authorities of El Salvador recognized bitcoin as a means of payment, this decision caused a lot of controversy. Many "old-fashioned" economists predicted that this move would bring the country to the brink of collapse. In the streets of the capital, the left, generally hostile to Bukele's politics, protested. Even in mainstream Polish media one could hear that this idea would only strengthen local mafias.
Today we know that government policy has led to the development of the ATM network and the start of the Bitcoin City project. In principle, Bukele and his people want to bring experts from the blockchain technology market to El Salvador and set up a regional center for this industry.
Bukele told the media that around the world, "there are many bitcoin fans who want to come to a country where BTC is legal tender." He added that in El Salvador there are organized cryptocurrency conferences.
In addition, bitcoin helped El Salvador improve its image. The country was often perceived as a dangerous place, ruled by criminal groups. Now more and more people talk about it when mentioning technological innovations.
The increased adoption of bitcoin has yet another background. Blockchain makes it easier to transfer funds. Money sent from abroad accounts for as much as 20 percent. GDP of the whole country. Some families function only because they receive foreign transfers from relatives. It is often as high as 60% household income.
Technical Market Outlook:
The BTC/USD pair has failed to break above the 50 MA on H4 time frame chart ($23,885) and reversed lower towards the key technical support seen at the level of $21,429 (13th Feb low). The intraday technical resistance is seen at the level of $22,000. The bears move inside the descending channel on the H4 time frame chart and the weak and negative momentum helps the bears to push the prices lower. The negative bearish divergence on the daily time frame chart between the price and the momentum oscillator supports the bearish outlook for BTC in the coming days.
Weekly Pivot Points:
WR3 - $22,812
WR2 - $22,582
WR1 - $22,470
Weekly Pivot - $22,352
WS1 - $22,240
WS2 - $22,122
WS3 - $21,892
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
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