Bitcoin Climbed to $34,000

After re-testing the price at $ 30,000, Bitcoin climbed to the current $ 34,000. Bearish pressure is still active with negative news from China and difficulties and opponents in El Salvador who are against bitcoin as a means of payment.
Looking at the chart, we can expect a further recovery in the price of up to $ 36,000. Above that, we have a large resistance zone of about $ 40,000. It is our main obstacle for now for a stronger continuation of the bullish trend. Conversely, we go to the bearish sequel, again testing the zone at $ 30,000. If a break occurs, we go down to $ 28,800, testing the previous low. The price below $ 28,000 will be the new low this year for the first time.

The deputy leader of the opposition party El Salvador, Farabundo Marti’s National Liberation Front, Jamie Guevara, has filed a lawsuit to oppose the new law on bitcoins in El Salvador.

Can We Expect Further Recovery?

Guevara sought support from a group of El Salvador citizens who believe that the new law on Bitcoin is unconstitutional. Together, the joint forces aim to oppose El Salvador’s law on bitcoin. This will be enforced in the next few months.
A citizen named Oscar Artero said: I am filing an unconstitutional lawsuit against a decree passed under the Bitcoin Act. That is because a decree that lacks legality lacks a basis, not considering the significance and harmful effects that such a law will cause in this country.
Salvador President Najib Bukele has proposed allowing Bitcoin to become a legal tender. This was approved and placed in legislation earlier this month. Bukele believes the leading cryptocurrency would help Salvadorans send remittances back to their country quickly and cost-effectively. He further stated that Bitcoin would enable greater financial inclusion.
According to local news, Guevara and his colleagues are not the only ones who disagree with the new Bitcoin law. A survey by the Salvadoran Chamber of Commerce found that 80% of Salvadorans would not agree to receive payments in cryptocurrency.
Strong opposition rides on the back of the country’s long history of significant corruption in public and private Salvadoran life. According to The Economist, the hybrid regime of El Salvador led to the fall of Latin American countries towards authoritarianism in 2020.