El Salvador Now Holds BTC Reserves And Analysts See Bottom Signals

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Last Updated on 9 June 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Micheal Saylor is not ready to give up and asks the market for more money to allow MicroStrategy to load up on extra Bitcoin, El Salvador passes a law making it obligatory for its central bank to hold Bitcoin on its balance sheet and several technical analysts see bottom signals. An overview.

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MicroStrategy

When Bitcoin traded above $50k, Wall Street granted MicroStrategy CEO Michael Saylor an air of wisdom and was willing to forget that the man actually lost a lot of money during the dotcom crisis.

Back in December of 2020, it was Saylor who spoke to Elon Musk about purchasing Bitcoin for Tesla, which the latter CEO did about a month later, sending the price of Bitcoin skyrocketing.

Now that Musk has apparently lost his love for Bitcoin and the world’s biggest crypto is trading near $30k again, MicroSrategy is asking Wall Street for additional funds to purchase even more. Will investors heed the call?

El Salvador

Nicaragua is making most of the headlines in Central America today (as it arrests any politicians trying to unseat President Ortega), the cryptosphere is mostly still focused on El Salvador.

Whereas citizens were already purchasing coffee and other daily goods with crypto, that amount will only increase now that the central bank is now required by law to hold bitcoin in its reserves.

As crypto enthusiast Peter McCormack rightly remarked, this is truly historic.

Bottom signals

Technical analysts Ran Neuer and Scott Melker (who both have massive followings on social media) have released videos in the past day where they claim to see a bottom signal popping up and where the market is being steered by FUD (fear, uncertainty and doubt).

YouTube video

Of course both men could be biased as they are known as longtime bitcoin bulls, so always do your own research but the explanations make for interesting viewing.

YouTube video

Scott lastly explained how Bitcoin will normally bounce back up from the 61% area, known as the Fibonacci area.

Let’s see in the following few days whether these two are right.

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