Bitcoin price targets $35K bounce level on El Salvador legal tender milestone

Bitcoin price targets $35K bounce level on El Salvador legal tender milestone


Bitcoin (BTC) headed towards $35,000 on June 9, boosted by historic news that El Salvador had made it legal tender. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader “not sure” if Bitcoin has bottomed

Data from Cointelegraph Markets Pro and TradingView showed a swift uptick in BTC/USD on Wednesday as Bitcoin saw its first adoption move by an official state.

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

Trending: WATCH: Arizona Audit Hand Count COMPLETED

62 out of 84 votes!

History! #Btc

— Nayib Bukele (@nayibbukele) June 9, 2021

As reactions celebrated the decision by El Salvador’s parliament, traders remained edgy. As Cointelegraph reported, expectations call for a short-term return to $35,000 before a reversal and deeper BTC price dip takes hold.

 “Bitcoin printing a higher low, expecting some more bounce today,” popular trader Crypto Ed summarized on Twitter.

“Not sure yet if bottom is in, will update later today.”

A starker warning had come from trader Crypto Cobra, who this week repeated forecasts of a significant write-down across cryptocurrency. This, he said, could

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