empty
04.12.2023 11:29 AM
Technical Analysis of BTC/USD for December 4, 2023

Crypto Industry News:

Nayib Bukele steps down as El Salvador's president ahead of the upcoming elections, making way for Claudia Rodriguez De Guevara to assume office from December 1. Notably, Guevara will be the first woman to hold the position of head of state and is set to serve until June 2024. The question arises: does the former president, Nayib Bukele, have a chance for re-election?

The commencement of the presidential campaign in El Salvador signals Bukele's entry into the political race for re-election. Bukele, recognized for championing the bill acknowledging bitcoin (BTC) as legal tender in the country, has played a pivotal role in shaping El Salvador's recent economic policies. Initially assuming office in June 2019, Bukele swiftly garnered attention for successfully tackling the nation's alarming homicide rates, previously ranked as the highest globally.

Bukele is equally renowned for his enthusiastic endorsement of cryptocurrencies, particularly BTC. In September 2021, he advocated for and secured the adoption of bitcoin as legal tender in El Salvador. His initiatives extended to endorsing the construction of a "Bitcoin City" fueled by volcanic energy. However, Bukele's tenure was not without controversy; efforts to combat gangs through mass arrests in 2022 resulted in reported incidents of abuse and deaths in custody, according to a UN report.

Despite the controversies, Nayib Bukele maintains significant popularity among the Salvadoran public, boasting over 90% support, according to The Economist. Citizens applaud him for addressing the critical issue of high murder rates and embracing innovative projects, including a functional volcano-powered BTC mine. Interestingly, the country's Supreme Court's ruling in 2021 paved the way for Bukele's potential re-election, nullifying the previous constitutional requirement of a 10-year waiting period. Bukele's return to office appears imminent, foreshadowing the continued implementation of cryptocurrency initiatives in El Salvador.

Technical Market Outlook:

The BTC/USD pair had made a new swing high at the level of $41,823 (at the time of writing the article) and keeps heading up. The next target for bulls is the level of $48,200 which is the weekly high from 28 March 2022. The key short-term technical support is seen at the level of $39,824 and only a sustained breakout below this level would change the short-term outlook to more bearish.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $48,468

WR2 - $43,348

WR1 - $42,881

Weekly Pivot - $40,228

WS1 - $38,761

WS2 - $36,108

WS3 - $31,989

Trading Outlook:

The next target for the bulls is set at $48,200 as the potential for a sustained long-term uptrend remains, provided the critical level of $19,572 is not decisively violated. The key long-term technical support is located at the level of $32,829 and $31,790.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis of Daily Price Movement of Ethereum Cryptocurrency, Friday May 16, 2025.

If we look at the 4-hour chart, the Ethereum cryptocurrency appears to be moving above the WMA (21) which is a dynamic support where the WMA has a slope that

Arief Makmur 06:09 2025-05-16 UTC+2

Technical Analysis of Intraday Price Movement of Uniswap Cryptocurrency, Friday May 16, 2025.

On the 4-hour chart, the Uniswap cryptocurrency appears to have a Descending Broadening Wedge pattern, so even though the Uniswap price movement is moving below the WMA (21) which

Arief Makmur 06:09 2025-05-16 UTC+2

Bitcoin spikes from $96 600 to $104 500 in 24 hours

Bitcoin has surged to $104,500, after trading at $96,600 just yesterday morning. This confident move above the $100,000 mark clearly signals a return of strong bullish momentum in the cryptocurrency

Jakub Novak 14:49 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 9

Bitcoin has climbed above $100,000, while Ethereum is trying to consolidate above $2,000. After yesterday's sharp rally, which continued during today's Asian session, Bitcoin is now trading at $103,000, having

Miroslaw Bawulski 09:46 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Ethereum Cryptocurrency, Friday May 09, 2025.

If we look at the 4-hour chart of the Ethereum cryptocurrency, it appears that the price movement is moving above the WMA (30 Shift 2) which also has a slope

Arief Makmur 06:27 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Bitcoin Cryptocurrency, Friday May 09, 2025.

On the 4-hour chart of the Bitcoin cryptocurrency, the Stochastic Oscillator indicator can be seen to be in Overbought conditions and is now preparing to Cross SELL and break below

Arief Makmur 06:27 2025-05-09 UTC+2

Bitcoin: Who's Driving the Price Up — Powell, the U.S. Treasury, or Short Squeezes?

While stock indices remain stagnant, gold consolidates near its highs, and Bitcoin is once again capturing attention. The crypto market's flagship has approached the psychologically important $100,000 level

Ekaterina Kiseleva 00:28 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 8

Bitcoin reached just below $100,000, while Ethereum hit $1,900. Such a major growth in the cryptocurrency market once again confirms its bullish outlook, which has been discussed quite

Miroslaw Bawulski 09:22 2025-05-08 UTC+2

Bitcoin on the Brink: Breakout or Reversal?

Bitcoin's price is hovering near a psychologically significant threshold, with market participants bracing for another upward surge or a sudden reversal that could erase short-term bullish expectations. More chart

Ekaterina Kiseleva 01:16 2025-05-08 UTC+2

Crypto market opens with buoyant growth

US stock index futures surged sharply at the opening of today's trading session on news that representatives from the US and China have resumed consultations on trade matters. Media reports

Jurij Tolin 14:14 2025-05-07 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.