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Welcome to Latam Insights, a compilation of the most relevant crypto news from 
Latin America over the past week. In this edition, Ripple makes moves to 
accelerate its expansion into Brazil, the Brazilian government is reportedly 
backpedaling on its crypto taxation plans, and Argentina bans access to 
Polymarket. Ripple Expands Aggressively in Brazil, Targets Institutional […]

Latam Insights: Ripple Accelerates Brazilian Expansion, Brazil Backpedals on Crypto Taxation

The Bitcoin price broke below $70,000 over the weekend, effectively erasing 
the gains from the previous week. This move puts the cryptocurrency in a 
perilous position as the bulls are now hard-pressed to find another major 
support or risk the decline going deeper from here. According to one analyst, 
Bitcoin bulls will have to reclaim and hold $69,000 with momentum in order to 
trigger another recovery trend. Why Bitcoin Bulls Must Hold $69,000 According 
to crypto analyst Tealstreet, the bulls will need to defend $69,000 to prevent 
the Bitcoin price from falling lower. The reason for this is the fact that the 
Bitcoin price has a chance of pushing upwards to the $73,000-$74,000 levels if 
this support is maintained. Following this, there is still the possibility of 
a final push toward $76,000-$77,000. Related Reading: Why The XRP Supply In 
The Billions Is Not A Problem On the flip side, there is a lot of bearish 
action to be seen if the bulls lose $69,000. This bearish move would trigger 
an at least 5% decline, with the crypto analyst putting the target somewhere 
between $64,000 and $66,000. While this decline may not exactly be as 
impactful as previous sharp declines, it could end up being negative for 
altcoins, which are already suffering. By Sunday, the Bitcoin price broke 
below $69,000, but the bulls were able to maintain the $68,000 level, holding 
quite close to the target. Nevertheless, this means that the bulls are now in 
a tight spot with the need to reclaim $69,000 or watch the trend play out. BTC 
Still Stuck In A Corrective Phase Another crypto analyst, HAMED_AZ, also 
published a post in support of the current Bitcoin bearishness, saying that 
the digital asset has actually entered a corrective phase. Due to this, the 
Bitcoin price is expected to move lower after an initial push toward the top 
of the ascending channel. Related Reading: The Bear Market Divergence That 
Shows What’s Really Going On With Bitcoin If the price is unable to break the 
resistance at the top of the channel, then the downtrend will continue, 
leading to an over 10% decline. This move will most likely send the Bitcoin 
price crashing below $60,000 for the first time in over a year. Alternatively, 
if the price is able to successfully test and break out of the channel 
resistance with momentum, then the downtrend could be broken completely. This 
scenario would lead to a push toward $80,000 and likely kickstart the next 
run. Featured image from Dall.E, chart from TradingView.com

Cryptocurrency price in MXN