Will Bitcoin Rise?: Mexico is Going to Accept Bitcoin.

Bitcoin is losing its value one more time. Today bitcoin lost its value more than 5% than yesterday, and it has been dropping eight days in a row.

I have said many times that cryptos are not safe-haven at all and won't the safe-haven assets in the future for many reasons. However, BTC mainly follows the USD when a crisis exists.


The total capitalization of the crypto market, according to CoinMarketCap, decreased by 10% over the day, to $1.40 trillion. That isn't good, but there is good news comes also. Mexico is Going to Accept Bitcoin. So, it may find some support from this news.

At the moment, we see that cryptocurrencies are selling stronger than developed world stocks (although not as extreme as Russian ones), confirming the risky nature of these assets and how they are not a replacement for gold.

Now another country besides El Salvador may accept bitcoin as a means of payment. Senator Indira Kempis is developing a bill on cryptocurrencies and intends to convince the Mexican government to follow the "Salvadorian scenario" by recognizing BTC as a means of payment.

So, We have some good reason to invest in BTC, and it may pull back to the upside by this news.

BTC is currently testing its minor trendline support zone of $34500. And BTC s strong support is at $30000.

So, as long as BTC is above $30000, there is hope that BTC has chances to go upside again.

BTC Buy ZOne: 34500/32000 ( Trendline Support Zone)
Stop-loss should be below $30000 ( Strong Support Zone and BTC prices retraced many times from the support zone)
!st target to the upside is $45000.

So, keep watching and always connect with me by liking, commenting, and sharing.

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