El Salvador does not slow down his Bitcoin journey. Even after having adjusted its laws to meet the loan requirements of $ 1.4 billion from the IMF, the country continues to buy more BTC each time prices drop. Recently, the Bitcoin office of El Salvador confirmed the purchase of 12 others in one day, bringing its Total holdings at 6,068 BTCof a value of more than $ 554 million now.
El Salvador continues to add BTC
El Salvador who generally buys a bitcoin daily as part of his long -term purchasing strategy has bought more recently. Bitcoin exchange of $ 100,000, many institutions and countries are entering the possibility of accumulating at lower prices. El Salvador is no exception.
According to the country’s Bitcoin office on February 4, they bought 11 BTC for just over $ 1.1 million at an average price of $ 101,816 per Bitcoin. Later, they caught another BTC for $ 99,114.
During last week, El Salvador added 21 BTC to his reserves. Over the past 30 days, the country has bought 60 BTC showing their long -term confidence in Bitcoin, regardless of short -term price oscillations.
El Salvador Bitcoin law adjustments
Although the government remains attached to Bitcoin, they have made some modifications to their laws to Guarantee a loan of $ 1.4 billion IMF. Previously, companies had to accept Bitcoin as payment. Now, under the revised law, companies can choose to accept it or not.
This adjustment was made under pressure from the IMF, which was skeptical about the adoption of El Salvador Bitcoin. Despite this compromise, the country proves its belief in Bitcoin by continuing to accumulate more BTC.
Bitcoin faces the downward trends
The price of Bitcoin has had difficulties in recent times, going to a 24 -hour low About $ 96,000 After failing to stay above the key level of $ 100,000, which raises concerns among investors.
Meanwhile, technical indicators are not great either. However, the 14 -week relative force index (RSI) shows a lowering model, similar to what happened in 2021 before the major Bitcoin correction. For a bullish turnaround, the RSI must surpass itself above its downward trend.