BTC price further crushes resistance, nears $53K on El Salvador 'Bitcoin Day'

BTC price further crushes resistance, nears $53K on El Salvador 'Bitcoin Day'

Bitcoin (BTC) targeted $53,000 on Sep. 7 as fears of a fresh BTC price dip faded above crucial resistance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView“No going back” after El Salvador Bitcoin adoption

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new highs of $52,960 on Bitstamp overnight.

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After a swift retest of the $51,000 level — the lower boundary of what was previously a large wall of selling pressure — Bitcoin bounced back with a vengeance, eclipsing bears and hitting its highest in almost four months.

Short sellers lost out big, with 24-hour liquidations nearing $500 million at the time of writing.

Among analysts, however, talk was all about El Salvador, Tuesday marking its transition to a partial Bitcoin standard in an historic world first.

“El Salvador just bought 200 new coins. We now hold 400 BTC,” president Nayib Bukele confirmed on Twitter as the country’s accumulation officially began.

Bukele, who faced criticism from his citizens and international financial organizations over the move,

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