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El-Salvador Purchase 21 Bitcoins While BTC Price Nearing $50k! Here’s What Traders Can Expect

Author: Delma Wilson

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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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In the last 24 hours, the global crypto market capitalization fell 0.38 percent to $2.19 trillion. On the last day, Bitcoin’s market share climbed by 0.30 percent to 40.55 percent, with the price at $46,919.50.

Overall cryptocurrency trade volume climbed by 21.76 percent in the last 24 hours to $95.42 billion. Defi accounted for 15.04 percent of total volume ($14.35 billion), while stable coins accounted for 79.23 percent ($75.60 billion).

El Salvador Purchases Additional Bitcoin

On Tuesday night, President Nayib Bukele stated in a series of tweets that El Salvador had purchased extra 21 bitcoins to honor the twenty-first day of the twenty-first century.

El Salvador’s land area is 21,000 square kilometers, according to Bukele, and the transaction was completed at 21:21:21. The president responded, “Got the receipt,” next to a screenshot of the transactions, which totaled a little over $1 million.

El Salvador had 1,120 bitcoins in its treasury before the purchase, boosting its total to 1,141 bitcoins. It plans to buy another $500 million in the world’s most valuable cryptocurrency by market value, using funds raised through the sale of $1 billion in tokenized bonds.

In September, El Salvador became the first government to recognize bitcoin as a legal tender. The president also wants to create a “Bitcoin City” where people will be tax-free.

Bitcoin price analysis 

From the $52,000 barrier zone, bitcoin price began a new downward trend. BTC has moved back into a negative zone, trading below the $50,000 and $48,000 support levels.

The bulls, on the other hand, remained active near $45,500. The price established a base at $45,500 and began a new upward trend. It broke through the level of the crucial drop from the $59,118 swing high to the $42,330 low.

On the 4-hours chart of the BTC/USD pair, there was also a break over a key negative trend line with resistance near $48,000. It is currently trading over $48,000, as well as the 55-day simple moving average (4-hours).

On the upside, the $50,000 level serves as an early resistance. Near the $50,800 level, the biggest resistance is forming.

For a new raise, a close over the $50,800 level is required. In the above scenario, the price is anticipated to climb steadily and may perhaps exceed $52,000.

Near the $48,500 mark, there is the immediate support on the downside. The next important level of support is about $47,000. If the price does not stay over $47,000, it is possible that losses will be extended in the near future. The next key support level is near $45,500, below which a move towards $42,500 is possible.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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