Positive sentiment continues to rain on Bitcoin (BTC) which is known to many that El Salvador will recognize Bitcoin as the official currency of their country and Tesla will re -accept Bitcoin as a medium of payment.
But as positive sentiment continues to be felt, the IMF is said to have disapproved and warned El Salvador of its bold move.
Not only that, the latest rumored World Bank has also rejected applications related to the adoption of Bitcoin (BTC) into the economy of El Salvador on several aspects of shortage.
In many rumors questioning El Salvador’s move, there are also those who are committed to helping El Salvador achieve it.
Interesting to watch on the BTC/USDT chart,
The BTC price movement was seen slightly surging above the $ 40,000 price level at the beginning of this week following the positive sentiment received by Bitcoin.
But the price moved slowly above the $ 40,000 price level before making a slight decline again to hover around the $ 38,000 price level.
From a technical point of view, the decline can be seen that the BTC price movement is making the latest HL (higher low) at the $ 38,000 price level before rebounding slightly at the $ 39,000 price level.
With such a pattern of price movement, it indirectly gives an early signal and confidence to investors that the BTC price is in a bullish trend.
If the BTC price movement manages to pass the $ 40,000 price level, the next expectation is that the BTC price will probably make the latest HH (higher high) for the price to remain on the rise.
If the upward momentum continues, the SBR (support become resistance) level of $ 50,000 will be the main focus of investors to target the price.
The increase will also continue to give confidence to investors that the crypto bull season is not over yet and some even think that it has just begun.
On the other hand, if the decline continues to pass the trendline support or the $ 38,000 price level, the BTC price movement is expected to test the $ 30,000 support level again.
As of 4.00pm local time, the BTC price jumped over 2% to trade above the $ 39,000 price level.
