El Salvador Buy 1,090 BTC For $101M Amid Bitcoin Slump
El Salvador don increase their strategy to collect Bitcoin as dem buy extra 1,090.19 BTC (around $101 million) on top their daily one-BTC buys. Dis one President Nayib Bukele announce for X, e put the total amount of Bitcoin wey the country get to 7,474.37 BTC. Dem buy for time wey market sharply drop–Bitcoin briefly fall below $90,000 and its 200-day moving average, wey cause strong volatility and liquidation. Technical indicators show say BTC dey test support between $88,000 and $90,000, and $95,000 na the main resistance level to stop further fall. Since dem take Bitcoin as legal money for 2021, the steady collecting aim to reduce average cost, lower volatility, and improve financial independence. IMF warn about risk wey hold big crypto reserves get, but sovereign belief plus institutional dip-buying don always mark key accumulation stages before price go up. Traders suppose note say El Salvador di still dey buy BTC show say Bitcoin get long-term bullish momentum.
Bullish
El Salvador big-big buy dem dey do for Bitcoin when price dey fall e make market sabi sey dem believe. For short time, government buy dey hold price for one level wey dem dey call technical level ($88,000–$90,000) and e fit make sudden waka back weak small. For long term, if government dey collect steady steady e go make people and institution trust more, e fit make many pipo still to use am dem go. History don show say wen big accumulation happen e dey before big price up, so this thing na sign say Bitcoin traders fit happy.