Bitcoin, the cryptocurrency market’s standard-bearer, has demonstrated remarkable tenacity, maintaining a position firmly above the critical $37,000 mark despite a general market downturn.
The electoral victory of Javier Milei, a staunch Bitcoin proponent in Argentina, has energized investor sentiment, propelling Bitcoin’s value to an impressive $37,300.
The key test now lies in surpassing the $37,800 resistance level, a move that could confirm the rally’s sustainability and signal the beginning of another upward movement.
Please don’t sell while I am asleep 💤 pic.twitter.com/snQaLFERih
— Chanimal 🍌 🟠⛏️🤌⚽️🥷 (@JaysonCrypto) November 20, 2023
Momentum in the cryptocurrency market intensified on Sunday, buoyed by Milei’s win. Bitcoin, leading the charge, notched a 2.2 percent gain, though it later corrected to hover around $37,200.
The aggregate market capitalization of cryptocurrencies has vaulted over the $1.4 trillion benchmark, with Bitcoin and Ethereum at the helm of this surge.
Elon Musk on Pro-#Bitcoin candidate Javier Milei’s historic presidential victory:
“Prosperity is ahead for Argentina” 🇦🇷 pic.twitter.com/xEkVLC9tc0
— Bitcoin Magazine (@BitcoinMagazine) November 20, 2023
On the institutional front, Fidelity has ventured into the realm of Ethereum exchange-traded funds (ETFs), joining the likes of BlackRock and other financial behemoths.
This move is a testament to the growing institutional interest in cryptocurrencies, which is likely to instill a wave of positive sentiment across the market.
While Fidelity’s ETF initiative primarily impacts Ethereum, it also portends a ripple effect that could bolster Bitcoin’s valuation.
The Fidelity Foundation has filed an application with the SEC to register a spot Ethereum ETF.
Global X – The application for registration of a spot BTC-ETF has been postponed.
— Einstein Trade (@Einstein_Trade) November 20, 2023
Thus, Fidelity’s entry into the Ethereum ETF space signals growing institutional interest in cryptocurrencies, likely fostering positive sentiment.
While directly impacting ETH, it may indirectly contribute to a broader positive trend, potentially influencing BTC price upward.
Bitcoin’s Rally in Argentina Post-Election
Bitcoin is witnessing a significant rally in Argentina, approaching record highs, largely due to Javier Milei’s presidential election win. Milei’s victory led to a 2% spike in Bitcoin value, reaching 13.2 million Argentine pesos and nearly touching the record high of 13.37 million.
Milei, an advocate for Bitcoin, criticized the central bank and lauded Bitcoin as an antidote to flawed financial systems.
His election could mark a new era for Argentina’s economy, with some looking to Bitcoin as a potential stabilizer. Milei is set to assume office on December 10.
Institutional Investors Bolstering Crypto Market
The cryptocurrency market continues to draw significant institutional interest, with a consistent weekly inflow of $176 million for two months.
This steady investment reflects a growing confidence in the crypto space among institutional players.
Exchange-Traded Products (ETPs) now account for 11% of crypto trading volumes, a leap from the 3.4% historical average and indicative of a sentiment that rivals the 2020/21 bull market enthusiasm.
Bitcoin Price Prediction
The market’s eyes are set on the $37,574 level, a breach of which could signal a bullish continuation, while a dip below $36,342 might call for a reassessment of the immediate bullish sentiment.
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