El Salvador's President Decided To Install Over 200 Cryptocurrency ATMs To Make Bitcoin More Common In Use
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Crypto Industry News:
El Salvador, the first country to legalize Bitcoin, was pushed off the podium in terms of the total number of cryptocurrency ATM installations. This happened because Australia recorded 216 ATMs entering 2023.
As part of El Salvador's push to establish Bitcoin as legal tender, President Nayib Bukele has decided to install more than 200 cryptocurrency ATMs across the country. The move made El Salvador the third largest cryptocurrency ATM center in the world. However, Spain and Australia have leapfrogged the Central American country's ATM count in 2022.
In October 2022, the media reported that Spain had become the third largest crypto ATM hub after installing 215 ATMs. The country continued its installation activities and has 226 of these machines at the time of writing. El Salvador's position as the fourth largest cryptocurrency ATM hub was short-lived as Australia stepped up its efforts in the following months.
In the last quarter of 2022, Australia deployed 99 cryptocurrency ATMs. As of January 1, 2023, Australia recorded 219 active ATMs, surpassing El Salvador by 7 ATMs.
Australia represents 0.6% of global ATM installations and at this rate is well positioned to climb. The total number of such devices in the world is 38,602, of which 6,071 were installed in 2022 alone.
Technical Market Outlook:
The BTC/USD pair had keeps trading below 100 MA on the H4 time frame chart and is trading below the intraday technical resistance seen at $17,057. The volatility is still limited despite the recent spike down, so the trading rage is seen between the levels of $16,268 - $17,057. Any breakout below the range low would extend the corrective cycle towards the level of $15,984 (November 28th low). On the other hand, a breakout above the level of $17,057 is needed in order to extend the rally towards the key short-term technical resistance seen at $18,360.
Weekly Pivot Points:
WR3 - $17,051
WR2 - $16,841
WR1 - $16,758
Weekly Pivot - $16,662
WS1 - $16,548
WS2 - $16,422
WS3 - $16,213
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Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. Moreover, there is a clear test of the 50 WMA located at the level of $15,600, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. The new yearly low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the longer term.
Relevance up to 09:00 2023-01-03 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
