New Weapon in the Fight Against Cocaine and Climate Change By Investing.com

Investing.com – On Thursday, June 23, bitcoin remains in its familiar range above the psychologically important $20,000 mark. With a price of 20,484 dollars, the gain in the last 24 hours is 1.23%.

In China, the government takes its negative attitude towards cryptocurrencies to an extreme. State media is spreading the news that bitcoin is headed for its doom. The South China Morning Post reported for example the following:

“Bitcoin is nothing more than a juxtaposition of digital codes, and its return is primarily the result of low buying and high selling. Once investor confidence wanes or sovereign countries declare bitcoin illegal, it will return to its source, the total absence of value”.

Colombia seems to be taking a completely different path, as new President Gustavo Petro, elected on Sunday, seems more open to digital currencies. He is the country’s first left-wing president, and apart from climate change as well as social inequality, he is also committed to adopting bitcoin.

Until now, Colombia was best known in the world for its gas and coal resources. Added to this would be the cartels that control the cultivation and trade of cocaine. Gossips even claim that this illegal raw material is the undisputed number 1 export product.

The new president wants to put an end to this dusty image once and for all, which has been very well received by the population. According to his election platform, there will be no new mining projects in the future, because fossil fuels pose a threat to people similar to that of cocaine. Instead, he wants to lay the foundation stone for a transformation to clean energy sources. It is wind energy and hydropower that should enable the country’s economy.

In the future, Colombia should no longer be known as a country of oil, gas, coal and cocaine. Green energy and bitcoin must replace them. About BTC, it has to declare :

“It’s a community currency that’s built on the trust of those who transact with it. And because it’s blockchain-based, that trust is measurable. It’s been proven to grow, which explains its value. “.

Bitcoin price technical marks

The psychological mark of $20,000 continues to provide good support for bitcoin. Although it has already been momentarily crossed several times, leading to the formation of a new cycle low at $17,630, the bulls are currently unwilling to abandon this level permanently.

Resistance is found at the 23.6% fibo retracement at $21,110. To initiate a larger rally, a daily close above this level is needed. The door would then open for an upside move towards the 38.2 percent and 50 percent Fibo retracements of $23,263 and $25,003.

As long as the resistance of the 23.6 percent Fibo retracement remains intact, the sideways movement continues and a test of the cycle low should be expected.

By Marco Oehrl

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