The market leader in cryptocurrencies, Bitcoin, has shown incredible resilience by holding steady above the crucial $37,000 level even throughout a general market decline.

An electorate in Argentina who has been a strong supporter of Bitcoin, Javier Milei, won an election. This has boosted investor confidence and raised the price of Bitcoin to an astounding $37,300.

The crucial test now is to break over the $37,800 resistance level, a move that could both validate the longevity of the rally and herald the start of yet another upward trend.

Spurred by Milei’s victory, the cryptocurrency market saw an increase in momentum on Sunday. Leading the charge, Bitcoin gained 2.2 percent; however, it eventually corrected and is currently trading at $37,200.

With Bitcoin and Ethereum leading the way, the total market capitalization of cryptocurrencies has soared above the $1.4 trillion barrier.

Fidelity has entered the world of Ethereum exchange-traded funds (ETFs) on an institutional level, following in the footsteps of financial giants like BlackRock.

This action demonstrates the increased interest by institutions in cryptocurrencies, which is expected to boost market sentiment.

Although the main target of Fidelity’s ETF venture is Ethereum, there could be a positive spillover effect that raises the price of Bitcoin.

As a result, Fidelity’s introduction into the Ethereum ETF market indicates an increase in institutional interest in cryptocurrencies, which is probably a good thing.

Although it directly affects ETH, it might also tangentially support a more general upward trend, which could drive up the price of BTC.

Bitcoin’s Rally in Argentina Post-Election

Because of Javier Milei’s victory in the presidential election, bitcoin is experiencing a notable surge in Argentina that is getting close to record highs. The value of Bitcoin increased by 2% as a result of Milei’s victory, hitting 13.2 million Argentine pesos and almost reaching the record high of 13.37 million.

Supporter of Bitcoin Milei praised the cryptocurrency as a remedy for broken financial systems and attacked the central bank.

Some believe that Bitcoin might stabilize the Argentine economy in the wake of his election, ushering in a new era. Milei is scheduled to start work on December 10.

Institutional Investors Bolstering Crypto Market

Since two months ago, the bitcoin market has consistently brought in $176 million per week, attracting the attention of major institutions.

This consistent investment shows that institutional players are becoming more confident in the cryptocurrency market.

Exchange-Traded Products (ETPs) now make up 11% of cryptocurrency trading volumes, a sharp increase from the historical average of 3.4% and a sign of attitude that is comparable to the fervor of the 2020–2021 bull market.

Bitcoin Price Prediction

With a 0.13% increase, Bitcoin is currently trading at $37,240 in the current technical landscape, indicating a small upward advance. The cryptocurrency is currently in a consolidation pattern, with $36,342 serving as critical support and $37,574 serving as immediate resistance.

The mild 58.78 level of the RSI indicator indicates that, despite the presence of buyers, there is still potential for more momentum until overbought conditions are reached.

The market is focused on the $37,574 level; a break of which might indicate a continuation of the bullish trend, while a decline below $36,342 could necessitate a reevaluation of the current bullish outlook.