Bitcoin Today: Argentine crisis pushes Bitcoin up?

24 Sep 2018

Price
Bitcoin spent weekends in a lateral manner, after peaking at the 6800 high on Friday. The Friday rally ended the two-weeks long correctional movement, which was going near the year minimum at 5750, and brought the price one step closer to the establishment of the turnaround pattern. Resistance at 7000, which also coincides with the 100-days EMA, is the final step for changing the pattern from correction of the downward movement to turnaround formation, so do not expect an easy breakthrough above 7000. From the downside, level 6600 should stay strong to support a bullish scenario. For now, we expect trading inside the 6600 – 6800 zone.

Today forecast
Trading in the 6600 - 6800 zone. Breakthrough below 6600 – bearish sign.

Latest news

• Argentina drives Bitcoin up?
  Argentina is once again undergoing a severe economic crisis. In April 2018, the peso started plunging against the dollar at an unexpected speed.
  Most economists agree that the devaluation of the peso is due to investors’ doubts about the government’s ability to contain its unrelenting inflation and to minimize the effects of the U.S. Federal Reserve interest rate increases, which have strengthened the dollar all over the world.
  The economic crises in Argentina are driving investors and ordinary people to use Bitcoin as a safe haven. The demand for the digital asset is leading to the increasing volume and bullish trend that commenced towards the end of last week. In this regard, economist and mathematician D.H. Taylor writes,
  “Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC. The numbers being witnessed by the markets in BTC are surging from Argentina.” And he adds, “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”
  The weekly volume of the Bitcoin purchases in Argentina has grown to the 5 - 7 million dollars zone during the last weeks.
  So far, the attempts of the government to stabilize the currency have not led to tangible results. As a result, according to Taylor, the Central Bank is exploring the possibility of diversifying into Bitcoin,
  “The biggest solution is Bitcoin or BTC-USD and, according to the data, Argentinians are buying large amounts. At the same time, the Argentinian Central Bank is considering diversifying their currency reserves into BTC.”
  Argentina Central Bank has already eased regulations regarding Bitcoin ATMs in the country. On September 19, 2018, Athena Bitcoin installed the first ATM designed to exchange the cryptocurrency in a mall, auguring that these machines will soon cover whole Buenos Aires.
  According to Matias Goldenhorn, Athena Bitcoin Director for Latin America, 12 ATMs will soon be installed in the capital city. These units will operate with Bitcoin as well as other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin Cash.
  On the other hand, a variety of merchants are already accepting Bitcoin as payment. Taylor also highlights that “8,000 new Bitcoin pay stations are in convenience stores in Argentina.”