El Salvador is aiming to get more Bitcoin on board at full speed. In the latest news, they have just received a significant Bitcoin transfer directly from Bitfinex, one of the top digital currency exchanges.
El Salvador Receives 1 BTC Transfer from Bitfinex
Data received in recent transactions shows a huge inflow of Bitcoin, known as the “digital gold” of the 21st century, into El Salvador’s strategic fund.
A wallet commonly assigned to Central American countries has recently received a significant 1 BTC transfer from the crypto exchange Bitfinex.
Institutionally, it is the case that Bitfinex is home to the largest institutional buyers in the Bitcoin market, which suggests that, amidst all this, El Salvador is still going ahead with the reinforcement of its Bitcoin reserves.
El Salvador has contributed to the formation of the world’s Bitcoin economy by purchasing it and integrating it into the national currency system.
This transaction, which might be the first among many, indicates that the pace of acquisition is heating up, which proves the country’s devotion to amassing digital assets.
This decision not only points out a new item on El Salvador’s financial agenda but also shows that the country is taking advantage of the decentralized nature of Bitcoin to make its national reserves more diverse, unlike traditional fiat currencies.
Bitcoin’s Bullish Trajectory and Key Price Levels
A scrutiny of the recent spot price of Bitcoin shows that the cryptocurrency has performed rather well in the last couple of months.
Sometimes the important technical indicators such as the Moving Averages (MAs), present a strong bull market, with 50-day MAs above the 100-day and both above the 200-day MA. Right now, crypto is trading above the $60,000 mark after a recent peak at the $78,000 mark.
Although RSI is at the oversold point, it remains above the average, which indicates that the market’s upward momentum is not over yet, even if there is a possible correction.
Nonetheless, determining particular price levels and cutoff points is essential when predicting Bitcoin’s future price fluctuations. The 50- and 100-day MAs, respectively, at $58,000 and $50,000, represent first and second support levels.
The psychological $50,000 mark plays as well as the 100-day MA. The failure below this level could result in a test of the 200-day MA near $44,0
In the short to medium term, if the current price action persists and Bitcoin manages to bounce back to the $70,000 level, it can go further to test previous highs or break new records, mainly driven by positive news flow related to adoption, such as the recent purchases by El Salvador.
Nevertheless, if bad news were to show up in the macroeconomic environment or the regulators’ domains, it could trigger the reversal of such trajectories’ sustainability.
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