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As Bitcoin continues to search for direction, El Salvador has added another 21 BTC to its holdings, worth roughly $2.3 million. The purchase commemorates the fourth anniversary of the country's Bitcoin Law, which established the cryptocurrency as official legal tender back in 2021.
"We will buy one #Bitcoin every day until Bitcoin becomes unaffordable with fiat currencies," President Nayib Bukele wrote on Sunday.
This step once again highlights the visionary—but also high-risk—strategy of President Nayib Bukele, who has bet on Bitcoin as a tool for modernizing the economy and attracting investment. Despite enthusiasm from Salvadoran authorities, experts and international financial institutions continue to express concerns about the country's financial resilience and the risks associated with crypto volatility. Supporters of the initiative point to positive effects such as increased digital literacy and lower remittance costs, while critics focus on the lack of transparency in Bitcoin operations and the potential for cryptocurrencies to be used for illicit purposes.
Against a backdrop of stagnating inflows into BTC and ETH ETFs, El Salvador's actions can be seen as an attempt to demonstrate confidence in the long-term potential of digital assets and to support Bitcoin's price. However, the overall impact of such purchases on the global crypto market remains marginal.
According to the country's National Bitcoin Office, El Salvador now holds about 6,313 BTC—worth around $701.8 million at current market prices—including its most recent acquisition.
The country's latest Bitcoin purchase came about a week after its bitcoin office distributed assets across 14 addresses as an added safeguard against potential quantum threats.
It is also worth noting that last month, El Salvador's legislature adopted a law allowing major financial institutions to receive licenses to offer services denominated in Bitcoin and other digital assets to qualified investors. This step is a logical continuation of President Bukele's push to integrate cryptocurrencies into the national economy, and aims to attract capital and expertise from more developed financial centers. In essence, the new law creates a regulatory sandbox for crypto innovation, allowing sophisticated investors to interact with digital assets in a controlled and transparent environment. The licensing of major financial institutions is, in turn, expected to boost trust in El Salvador's crypto sector and reduce risks of fraud and manipulation.
Still, the success of this initiative depends on several factors, including the effectiveness of regulatory oversight, the willingness of international institutions to cooperate, and the further development of the nation's crypto infrastructure.
Trading recommendations:
As for the technical outlook on Bitcoin, buyers are currently targeting a return to $111,600, which would open a direct path to $113,200 and then to $115,600. The most distant target is the high near $118,600; breaking above this level would confirm renewed bull market strength. On declines, buyers are expected near $109,700. A move below this area could quickly send BTC toward $108,200, with $106,700 as the deepest support.
For Ethereum, holding above $4,383 opens a clear path to $4,499. The most distant upside target is the high at $4,601, a breakout above which would signal renewed bullish momentum and growing buyer interest. On pullbacks, buyers are expected at $4,227. Moving below this area could send ETH toward $4,081, with $3,999 as the most distant target.
What we see on the chart:
- Red lines indicate support and resistance levels, where a pause or a sharp price move is currently expected;
- Green lines represent the 50-day moving average;
- Blue lines represent the 100-day moving average;
- Light green lines show the 200-day moving average.
A price crossover or test of these moving averages typically acts as either a brake or a catalyst for market momentum.
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