50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

President of Colombia Becomes Bitcoin (BTC) Holder

Published 12/01/2023, 08:29 AM
Updated 12/01/2023, 08:30 AM
© Reuters.  President of Colombia Becomes Bitcoin (BTC) Holder
BTC/USD
-

U.Today - The president of Colombia has officially joined the ranks of holders. Samson Mow, a prominent figure in the Bitcoin community, has gifted the president a wallet containing 100,000 satoshis. With Bitcoin's price hovering around $39,000, this gift is equivalent to approximately $39 — a symbolic yet significant endorsement of the digital currency's growing acceptance among world leaders.

The president of Colombia's foray into Bitcoin is not just about holding digital assets; it symbolizes the broader acceptance and potential integration of cryptocurrency into the country's economic framework. While it remains to be seen what the president intends to do with his , the act itself is a gesture of openness toward the digital economy. He joins a list of leaders like Nayib Bukele of El Salvador, who has been a pioneer in adopting Bitcoin as legal tender and integrating it into the nation's economic strategies.

Bitcoin's price analysis

On the market side, performance offers a compelling narrative. The provided chart showcases a robust uptrend, with Bitcoin demonstrating resilience and a strong bullish stance. The price has been consistently forming higher highs and lows, contained within an ascending channel pattern. This pattern is indicative of sustained buying interest and a positive outlook among investors.

As we examine the chart, the immediate support level to watch is the lower boundary of the ascending channel, currently near the $35,000 mark. This level has been tested multiple times, establishing its significance. On the flip side, the upper boundary of the channel, close to the $40,000 level, poses as the next significant resistance. A break above this could open the doors for further gains, potentially aiming for the next psychological milestone at $45,000.

The recent candlesticks show a bullish engulfing pattern, suggesting that buyers are aggressively defending support levels. The moving averages have maintained a bullish crossover, with the price trading above them, reinforcing the positive trend.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.