BTC Holds Near Highs

Bitcoin futures continue to consolidate near recent highs on Tuesday. Following a strong rally across mid October – mid November, bullish momentum has faded a little with prices getting held up around the 37030 level. However, dips have been firmly bid and the market remains around that level currently, suggesting that the focus remains on an eventual break higher.

Argentina Crypto Impact

 Bulls were left a little disappointed earlier in the month as the SEC pushed back its decision on some BTC ETF applications until next year. Still, there is plenty of optimism that these applications will eventually be approved, keeping the bull view intact for now. This week, BTC bulls received further interesting news by way of the Argentinian far-right candidate Javie Milei winning the election. Milei is a staunch supporter of Bitcoin and a firm opponent of central banks and monetary policy.

Bullish BTC View

There is speculation that, as president, Milei will supercharge Argentina’s use of Bitcoin, potentially even closing the central bank. This is expected to fuel a wave of demand for Bitcoin and with the April halving event coming up, bulls are banking on prices moving higher. Given the weakness we are currently seeing in USD, feeding into higher prices for risk assets, BTC looks well positioned for further gains near-term.

Technical Views

BTC

For now, BTC continues to cling to the resistance line of the bull channel, hovering around the 37030 level. Momentum studies have weakened recently, suggesting risks for a correction lower. If seen, 34755 will be first support ahead of bigger support at the 32185 level. While this area holds, the longer-run view remains bullish with 39860 the next big target for bulls.