Javier Milei’s Victory Amplifies Bitcoin Fears Amid Crisis

Amid Argentina’s economic crisis, Javier Milei, embracing anarcho-capitalism and a self-proclaimed Bitcoin enthusiast, emerges victorious. However, his win sparked concerns not only for Argentinians facing 140% annual inflation and a 40% poverty rate but also for Bitcoin’s reputation.

While referencing Bitcoin in his political agenda, Milei’s radical concepts and contentious rhetoric cast a shadow over the cryptocurrency’s image.

📌 Decryption:
Javier Milei and his dangerous flirtation with bitcoin.
Why does his posture worry the community?
$BTC
https://t.co/Af1VVcf9XD

— Cointribune EN (@CointribuneEN) November 21, 2023

Doubts arise about the authenticity of his Bitcoin enthusiasm, with skeptics questioning electoral motives. Milei’s proposed substantial public service cuts amplify worries about his capability to address Argentina’s economic woes. The nation’s plight, coupled with Milei’s controversial stance, underscores the intricate challenges currently facing Bitcoin (BTC).

Key Bitcoin Levels To Watch – November 21

The subsequent rally after the retraction at $24900.00 of major support led to the formation of a bullish order block on September 28, 2023. According to the RSI (Relative Strength Index), the retraction was necessary as Bitcoin was already oversold.
 
The bullish order block led to the resumption of the bullish trend in October. Apparently, the market is now overwhelmed by the selling pressure at $37400.00. The market is currently in a distribution phase as the price is set to decline due to the overbought indication of the RSI. 

Bitcoin Key Levels

Resistance Levels: $37400.00, $43110.00, $48240.00 
Support Levels: $31860.00, $28660.00, $24900.00

BTC Metrics

Total Market Capitalization: $1.41T
Bitcoin Market Capitalization: $720B
Bitcoin Volume: $22.2B
Market Rank: #1

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