After El Salvador’s extra Bitcoin purchase, Bitcoin has risen at first but then falls and retests around $51k. Analysts are positive about the price movement.

El Salvador's Extra Bitcoin Purchase

The first country that made Bitcoin legal tender began to increase its Bitcoin holdings. El Salvador, the leading country in Bitcoin adoption announced its additional 200 Bitcoin purchase news. President Nayib Bukele, who knows great interest in Bitcoin, stated it in the Twitter post.

The previous purchase of Bitcoin was on earlier Monday. The number of tokens was the same as the recent bitcoin purchase. In the post, he mentioned that “El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches.” As it has been stated in the tweet, they bought additional 200 bitcoins in 4 hours. As per the official social media account of Nayib Bukele, the total amount of bitcoin that El Salvador has is 400 which worths 20.4 million USD.

Bitcoin Neared $53k with the Announcement

Bitcoin almost hit $53k after the announcement made by the president. Before the announcement, the price of Bitcoin was around 51,900 USD, and then it rose up to 52,900 USD. When the last time Bitcoin was 52,900 USD, was in mid-May 2021. After almost 3 months Bitcoin hit the same price level again.

Bitcoin Neared $53k with the Announcement

The most expensive cryptocurrency Bitcoin displayed an upward trend since yesterday. After hitting the peak price of 52,900 USD, Bitcoin dropped sharply and it caused panic in some investors. At the time of writing, the price of Bitcoin was 50,977 USD. The market capitalization increased to 960 billion USD. Many analysts think that this rising trend will continue even though Bitcoin retests after the spike.

Crypto Chase tweeted on his Twitter account that “Shaking out some late longs I’d expect. Still confident we see 54.7K~ hit as long as 50K can hold as support.” He maintains that Bitcoin will hit $54.7k as long as it stays above $50k.

According to analysts, Bitcoin should stay between 49,500 and 50,000 to continue to display a rising trajectory. Also, additional positive news about Bitcoin will push up its price.

Bitcoin continues to have a great role in market prices fluctuations. As it hits a new peak, other cryptocurrencies follow the trend and the overall market becomes green.

Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.