Bukele Announced Bitcoin Has Become A Legal Tender. Will BTC Be Directly Reversed?

 2021-06-10 10:22:08

In the past day, most of the power of the Bitcoin bulls may have come from a Salvadoran who claims to be "the most fashionable and handsome president on earth", he is the President of the Republic of El Salvador, Nayib Bukele. Bukele changed his Twitter profile picture to Laser Eye last Saturday and claimed to submit a bill to make Bitcoin the country's legal tender (Legal Tender). Not many people really take this promise seriously, and more topics still focus on laser eyes. Just when everyone was about to forget this "joke", El Salvador passed the Bitcoin Act, making it the first country in the world to support Bitcoin's legal tender status.


From the 4-hour chart, BTC rose sharply yesterday, breaking the resistance of the downward trend, and the market outlook turned bullish. From the disk perspective, the market continued to rise yesterday, and the bulls remained strong throughout the day, and there was no obvious correction. Today, just a few minutes ago, the price of Bitcoin soared by more than 2,000 points and it is currently hovering around $38K. The resistance position of the market outlook can be concerned about $38,000-$40,500. The support level can be concerned near $34,500.


From the 30-minute chart, BTC oscillated and moved up strongly after its sharp rise yesterday. From the disk, the market has been extended to the up-channel operation and the long position is obvious. In the morning (UTC), the market fell back to the lower support level of the test channel at $37,000. If the price breaks down here, the market might also fall back.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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