HomeCryptoBTC price further crushes resistance, nears $53K on El Salvador 'Bitcoin Day'

BTC price further crushes resistance, nears $53K on El Salvador ‘Bitcoin Day’

Bitcoin (BTC) focused $53,000 on Sep. 7 as fears of a contemporary BTC price dip pale above essential resistance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“No going back” after El Salvador Bitcoin adoption

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting new highs of $52,960 on Bitstamp in a single day.

After a swift retest of the $51,000 stage — the decrease boundary of what was beforehand a big wall of promoting stress — Bitcoin bounced again with a vengeance, eclipsing bears and hitting its highest in virtually 4 months.

Short sellers misplaced out massive, with 24-hour liquidations nearing $500 million on the time of writing.

Among analysts, nonetheless, discuss was all about El Salvador, Tuesday marking its transition to a partial Bitcoin customary in an historic world first.

“El Salvador just bought 200 new coins. We now hold 400 BTC,” president Nayib Bukele confirmed on Twitter because the nation’s accumulation formally started.

Bukele, who confronted criticism from his residents and worldwide monetary organizations over the transfer, added that the federal government would buy “a lot more” within the quick time period.

He additionally known as on cellular app shops to launch El Salvador’s state Bitcoin pockets, Chivo, in time for “Bitcoin Day.”

“Bitcoin is now legal tender in El Salvador. Soon more countries will follow,” Samson Mow, CSO of Blockstream, in the meantime commented in one in all many responses predicting a domino impact because of El Salvador.

“There is no going back. You cannot put the genie back in the bottle.”

Market eagerly buys up miner cash

As Cointelegraph reported, on-chain metrics and fundamentals appeared equally relentless this week because the restoration from the May miner rout continued unabated.

Related: BTC turns into authorized tender in El Salvador: 5 issues to look at in Bitcoin this week

Even miner profit-taking did not dampen price motion or short-term expectations, on-chain analytics agency Glassnode noting that the market had “clearly absorbed” the spare liquidity.

“This week, around 2,900 BTC have been spent from miner balances, equal to around $145M at a $50k BTC price,” it wrote in its newest weekly publication, “The Week On-chain.”

Miner positions growing or lowering by as much as $5,000 in a given week is customary observe, it added, describing the most recent exercise as “reasonably expected behavior.”

Bitcoin miner web place change annotated chart. Source: Glassnode