Cryptocurrency News

Bitcoin price targets $35K bounce level at El Salvador fiat milestone


bitcoin (B T c) rose to $35,000 on June 9, fueled by historical news that El Salvador had made it legal tender.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader “Not Sure” If Bitcoin Is Down

data from Cointelegraph Bazaar Pro and trading view BTC/USD rose sharply on Wednesday as bitcoin saw its first adoption by the official state.

as reactions Celebrated The decision of the Parliament of El Salvador caused a stir among the traders. as Cointelegraph Reported, expectations call for a short-term return of $35,000 before a reversal and deeper BTC price decline.

Popular Trader Crypto Ed. “Bitcoin Printing A High Low, Hoping For Some More Bounce Today” abbreviation on Twitter.

“Not sure yet if that’s down, will update later today.”

There was a dire warning from trader Crypto Cobra, which this week repeated forecast A significant write-down in cryptocurrency. This coin, he said, could cost 20%, which means that Bitcoin would aim for $25,000.

Crypto Aid Still Said US Dollar Decline, Which Was Most Recently Monday on top, yet could create the conditions for a “miracle” growth in bitcoin.

Commenting on the latest reading of the US Dollar Currency Index (DXY), he said, “We need BTC bullish.”

“DXY is breaking down here and it will happen.”

US Dollar Currency Index 1-hour candle chart. Source: TradingView

Altcoins get relief from losses

Meanwhile, Bitcoin’s renewed upward trajectory has had a generally positive knock-on effect for the altcoin.

A look at the top fifty cryptocurrencies by market cap shows that gains typically reach 3% a day, with a few exceptions up or down.

ether (ETH) was above $2,500, yet still down 5% from a week ago like bitcoin.

Bitcoin dominance was 41.6% with the total crypto market cap being less than $1.54 trillion.