Understanding Bitcoin’s Price Surge After Argentinian Election

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• This increase in value coincides with the victory of Javier Milei in the presidential election in Argentina, which took place at the same time as the political change.
• Milei won the election with a difference of more than two million votes, and this victory came after intense criticism of central banking practices.
• In the dynamic world of cryptocurrency, Bitcoin (BTC/USD) continues to maintain its dominance, with the price standing at $37,350 as of November 20.

Bitcoin’s price gained strength after the critical election in Argentina and surpassed $37,000: How will BTC progress in the near future?

Bitcoin Rises After Argentina’s Election

In the ever-changing world of cryptocurrency, Bitcoin continues to make headlines with its recent surge. The digital currency, trading at $37,350, saw a significant increase of 2.5% on Monday. This increase in value coincides with the rise of Bitcoin’s price following Javier Milei’s victory in the presidential election in Argentina, which took place alongside political changes, highlighting the sensitivity of cryptocurrency to global events.

Javier Milei decisively won the presidency in Argentina, boosting the value of Bitcoin. The president-elect, who supports converting Peso to the Dollar, is changing the cryptocurrency markets with his economic plan and raising expectations for the country’s future monetary policies.

Milei won the election with a difference of more than two million votes, and this victory came after intense criticism of central banking practices, resulting in the publication of a central bank piñata. To stabilize finances after a catastrophic hyperinflation of 143%, which emerged as a result of a major economic crisis, Milei proposes a drastic dollarization of the Argentine economy.

While he has not committed to adopting Bitcoin, his election raises questions about future developments in cryptocurrencies, drawing parallels with El Salvador’s groundbreaking programs.

Markets worldwide are carefully watching how the establishment of Argentina’s new government will affect the relationship between traditional banking and emerging digital assets. The increase in the price of Bitcoin reflects the growing impact of Milei’s policies on the cryptocurrency market.

Bitcoin Price Prediction

In the dynamic world of cryptocurrency, Bitcoin (BTC/USD) continues to maintain its dominance, with the price standing at $37,350 as of November 20. When analyzing the 4-hour chart, Bitcoin’s pivot point is determined to be $36,737, indicating a critical point for short-term movements.

The subsequent resistance level of $38,631 could pave the way for further gains, followed by targets at $39,930 and $41,824. On the other hand, there are support levels at $35,492, $33,544, and $32,300 to provide protection against pullbacks.

The Relative Strength Index (RSI) is at 59, indicating a balanced market trend but not yet overbought. The MACD, with a value of 70 and a signal of 98, suggests potential upward momentum. Additionally, Bitcoin’s price is navigating above the 50 EMA at $36,617, reinforcing the short-term bullish trend. Observed chart patterns indicate that Bitcoin is in a bullish trend.