Investors are currently choosing to proceed with caution in the Bitcoin market. Over the last weekend, the price for the flagship cryptocurrency was intact. However, on Monday, the market underwent a sudden correction. Several crypto analytics services reported that almost $20 billion of investment went out of the market in the matter of the last 24 hours.
At present, only a few of the top 10 cryptocurrencies are trading in green. Until Sunday, Bitcoin was ready to reach the new correction level positioned at $49K. The technical indicators reveal that once the market can get past the $50K, the nearest resistance level falls at $61K. On the other hand, if the market pushes backward, the closest support level lies at $45K.
At the time of writing, the flagship cryptocurrency is valued at $48K. It went down by 1.4% since Sunday and 4.45% in comparison to the rise in the last week. The data provided by CoinMarketCap.com further indicates some promise of making a recovery in the next few days.
It is only a matter of one week when El Salvador will officially become the first country in the world to make Bitcoin the legal tender. The quick view of the market sentiment indicates that there is a chance for a bullish streak when it happens. Investors like Josh Rager and Michael Van De Poppe also agree that if Bitcoin price does not move beyond $50K soon, the chances for a bullish continuance are rare.
Many Countries have Started to Take an Interest in Bitcoin
El Salvador is not the only country that has high hopes for Bitcoin. Recently, the government of Cuba has announced that it is working with the central bank authorities to introduce Bitcoin-friendly regulations in the nation. The bank is also tasked with making arrangements for registration and licensing methods for prospective cryptocurrency enterprises.
A major brokerage firm in Japan is offering to find dining subscriptions to their clients who can settle their bills with Bitcoin. Honduras is another South American country that is present right next to El Salvador. The country has plans to attract more cryptocurrency investors by planting the first series of Bitcoin ATMs in the region.