BTC price further crushes resistance, near $ 53,000 on El Salvador Bitcoin Day

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Bitcoin (BTC) targeted $ 53,000 on Tuesday as fears of a further decline in BTC prices faded above crucial resistance.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView No return after Bitcoin adoption in El Salvador

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD hit new highs of $ 52,960 on Bitstamp overnight.

After a quick retest of the $ 51,000 level, the lower bound of what was previously a great wall of selling pressure, Bitcoin rebounded with vengeance, eclipsing bears and reaching its highest level in nearly four months.

Short sellers have lost a lot, with 24-hour closeouts approaching $ 500 million at the time of writing.

Among analysts, however, the discussion focused only on El Salvador, marking its transition to a partial Bitcoin standard on Tuesday in a historic world first.

El Salvador has just purchased 200 new coins. We now hold 400 BTC, President Nayib Bukele confirmed on Twitter as the country’s build-up officially began.

Bukele, who has been criticized by his citizens and international financial organizations over the move, added that the government would buy much more in the short term.

He also called on mobile app stores to release El Salvador state’s Bitcoin wallet, Chivo, in time for Bitcoin Day.

Bitcoin is now legal tender in El Salvador. Soon, other countries will follow, said Samson Mow, Blockstream’s chief strategy officer, in one of the many responses predicting a domino effect thanks to El Salvador.

there is no going back. You can’t put genie back in the bottle. The market eagerly buys miner’s coins

As Cointelegraph reported, the chain’s metrics and fundamentals looked just as relentless this week as the recovery from the May miners rout continued unabated.

Related: BTC Becomes Legal In El Salvador: 5 Things To Watch Out For In Bitcoin This Week

Even miners’ profit-taking failed to dampen price action or short-term expectations, with on-chain analyst firm Glassnode noting that the market had clearly absorbed available liquidity.

This week around 2,900 BTC was spent from miners’ balances, or roughly $ 145 million at a price of 50,000 BTC, he wrote in his latest weekly newsletter, The Week On-chain.

Positions of miners increasing or decreasing up to $ 5,000 in any given week are common practice, he added, describing the latter activity as reasonably expected behavior.

Annotated graph of change in net position of Bitcoin miner. Source: Glassnode

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