Bitcoin, Ethereum Technical Analysis Crypto Markets Rally

Argentinian Government Raises Energy Costs Almost 4x for Cryptocurrency Miners
The Energy Secretary of Argentina eliminated power subsidies for cryptocurrency miners, raising the cost of energy to almost 4x what the miners were paying before. The measure affects customers of the wholesale power market in the Tierra del Fuego province, one of the provinces more notably occupied by miners in the country due to its specific climate characteristics.

Argentina Eliminates Subsidies for Cryptocurrency Mining
The government of Argentina has eliminated the subsidies that applied to power used by cryptocurrency miners. This is the decision that the Energy Secretary of the country took regarding cryptocurrency mining, and according to the new 40/2022 resolution, published and made official on February 1st, miners will now pay almost four times what they did before.


Bitcoin
On the first Friday of each month, non-farm payrolls in the United States are released, and this typically sees an increase in market volatility, across all asset classes.

The world’s largest cryptocurrency, bitcoin, which fell to an intraday low of $36,388.14 during yesterday’s session, was up nearly 5% today, potentially benefiting from this volatility.

This came as BTC/USD hit an intraday high of $38,139.66 on Friday, as both traders and investors seem to have bought Thursday’s dip.

As a result, the 14-day RSI held its support of 35, which initially appeared to be broken, and this indicator has now surged beyond resistance of 40, and tracks at 41.4.