What Happened: Milei has secured 56% of the tally, while Sergio Massa, his opponent trails behind with 44%, according to Bloomberg. Following Massa’s concession, Bitcoin has experienced a significant increase of nearly 3% in the past 24 hours, reaching $37,350.

Milei has been openly critical of the country’s central bank, going as far as labeling it a scam and a “mechanism used by politicians to deceive the public through inflationary tax.” He believes that Bitcoin represents a pivotal shift towards returning control of money to its rightful creator, the private sector.

Top Gainer (24 Hour)

The global crypto market cap currently stands at $1.39 trillion, reflecting a decrease of 1.49% in the past 24 hours.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe points out that Bitcoin is currently forming a clear range. 

The resistance level to keep an eye on is $38,000, while for long entries, it is important to monitor the support level ranging from $33,000 to $34,500.According to his analysis, Bitcoin is expected to move slightly lower, possibly dipping just below $36,000. "Needs to hold the trend."

Pseudonymous analyst Dave the Wave said that BTC’s current all-time high could see a new surge.

"Shorter-term volatility is always the most difficult to predict. Brace yourselves for this one. Even though daily momentum is down, weekly BTC momentum is still up. Technically, a push to the highs is possible, and with price still in the LGC buy zone [for longer-term investors]."

Santiment, a leading firm in on-chain data analytics for the crypto market, on Sunday, said that crypto market caps have experienced a temporary slowdown following the significant 4-week rallies. 

Photo by Fernando Cortes on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users