The cryptocurrency market gained momentum on Sunday evening after the news broke that Argentina today elected libertarian candidate Javier Milei, who is a staunch Bitcoin supporter as its new president.
What Happened: Milei has secured 56% of the tally, while Sergio Massa, his opponent trails behind with 44%, according to Bloomberg. Following Massa’s concession, Bitcoin has experienced a significant increase of nearly 3% in the past 24 hours, reaching $37,350.
Milei has been openly critical of the country’s central bank, going as far as labeling it a scam and a “mechanism used by politicians to deceive the public through inflationary tax.” He believes that Bitcoin represents a pivotal shift towards returning control of money to its rightful creator, the private sector.
The global crypto market cap currently stands at $1.39 trillion, reflecting a decrease of 1.49% in the past 24 hours.
The U.S. equity futures show a minimal change on Sunday evening as the market anticipates the shortened Thanksgiving holiday week. After three consecutive winning performances, the major averages are continuing their positive momentum. The futures linked to the Dow Jones Industrial Average have declined by 2 points, which is less than 0.1%. Similarly, S&P 500 futures have dipped by approximately 3 points, nearly 0.1%. Moreover, Nasdaq 100 futures have dropped by 34 points, equivalent to 0.2%.
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe points out that Bitcoin is currently forming a clear range.
The resistance level to keep an eye on is $38,000, while for long entries, it is important to monitor the support level ranging from $33,000 to $34,500.According to his analysis, Bitcoin is expected to move slightly lower, possibly dipping just below $36,000. “Needs to hold the trend.”
#Bitcoin clearly making a range construction here.
Resistance at $38K, while support at $33-34.5K is the one to watch for long entries.
I think we’ll sweep slightly lower (maybe slightly beneath $36K) before we revisit highs.
Needs to hold the trend. pic.twitter.com/Au8KU5RbV6
— Michaël van de Poppe (@CryptoMichNL) November 19, 2023
Pseudonymous analyst Dave the Wave said that BTC’s current all-time high could see a new surge.
“Shorter-term volatility is always the most difficult to predict. Brace yourselves for this one. Even though daily momentum is down, weekly BTC momentum is still up. Technically, a push to the highs is possible, and with price still in the LGC buy zone [for longer-term investors].”
Shorter-term volatility is always the most difficult to predict.
Brace yourselves for this one. Even though daily momentum is down, weekly #BTC momentum is still up.
Technically, a push to the highs is possible, and with price still in the LGC buyzone [for longer-term… pic.twitter.com/P8qgkZDPWv
— dave the wave
(@davthewave) November 16, 2023
Santiment, a leading firm in on-chain data analytics for the crypto market, on Sunday, said that crypto market caps have experienced a temporary slowdown following the significant 4-week rallies.
#Crypto market caps have temporarily run out of steam after the huge 4-week rallies. In our mid-month November market report, we take a look at #Bitcoin‘s supply moving off exchanges, and how the crowd will impact prices the rest of the year: https://t.co/jhUT3OPulx pic.twitter.com/Pd46PH2Npj
— Santiment (@santimentfeed) November 18, 2023
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