El Salvador’s fiat currency milestone’s Bitcoin price target is a rebound level of 35,000 U.S. dollars


Bitcoin (Bitcoin) Rose to $35,000 on June 9th thanks to the historic news that El Salvador has made it legal tender.

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

Traders are “not sure” whether Bitcoin has bottomed

Data from Cointelegraph Markets Pro with Transaction view Since the official country adopted Bitcoin for the first time, BTC/USD rose rapidly on Wednesday.

As a reaction famous Under the decision of the Salvadoran parliament, traders are still anxious. As Cointelegraph Report, Expecting a short-term return to $35,000 before a reversal and a deeper decline in BTC prices.

“Bitcoin printed higher lows and expect more rebounds today,” popular trader Crypto Ed to sum up On Twitter.

“Not sure if the bottom is there yet, it will be updated later today.”

Trader Crypto Cobra issued a tougher warning this week Repeat forecast Significant write-down of the entire cryptocurrency. He said that this may cost 20% of the tokens, which means that Bitcoin’s goal is $25,000.

Nonetheless, Crypto Ed added that the depreciation of the U.S. dollar was on Monday above, It may also create conditions for the “miracle” growth of Bitcoin.

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

“DXY crashed here, it will happen.”

1 hour candlestick chart of USD currency index Source: TradingView

Altcoins get a respite from losses

At the same time, Bitcoin’s re-rising trajectory has had a generally positive ripple effect on altcoins.

The top 50 cryptocurrencies by market capitalization show that their gains on the day usually reach 3%, but there are some exceptions.

Ether (Ethereum) Is higher than $2,500, but Bitcoin is still more than 5% below its position a week ago.

The overall cryptocurrency market value is slightly less than 1.54 trillion U.S. dollars, and Bitcoin’s dominance is 41.6%.