Crypto Industry News:
The adoption of Bitcoin by El Salvador as legal tender in September 2021 resulted in a significant increase not only in gross domestic product, but also in the development of local tourism.
According to Tourism Minister Morena Valdez, the tourism industry in El Salvador has grown by more than 30% since the adoption of the Bitcoin Act in September 2021.
"We conducted a survey to check activity before and after Bitcoin. The tourism sector grew in November and December. It grew by over 30%," Valdez said in an interview with local news agency El Salvador News English.
Valdez noted that El Salvador's adoption of Bitcoin had also impacted the flow of tourist visits, increasing the number of tourists coming from the United States. Before the Bitcoin Act was passed, most of the visitors came from neighboring countries in the Central American isthmus. Now as much as 60% of tourists come from the United States.
The minister added that the growth of tourism in El Salvador has exceeded the government's expectations, reaching 1.4 million visitors instead of 1.1 million tourists.
"We predicted $ 800,000 in foreign currencies, but we had more than $ 1,400 million in foreign currency income," she added.
Technical Market Outlook:
The BTC/USD pair has made a new local low at the level of $36,352, just above the technical support located at $36,190. The bulls are trying to bounce higher, but so far the market consolidated around the technical resistance located at $37,983. Moreover, the market is back below the descending trend line, so the bearish pressure intensify. Any violation of the last support level located at $36,190 will result in sell of towards the swing low seen at $32,870. The immediate technical resistance is located at the level of $38,885 and $39,555.
Weekly Pivot Points:
WR3 - $48,426
WR2 - $46,630
WR1 - $41,615
Weekly Pivot - $39,882
WS1 - $34,802
WS2 - $32,798
WS3 - $28,034
Trading Outlook:
The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.