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President of El Salvador, Nayib Bukele, announced on Tuesday that the country had purchased more Bitcoin (BTC). Bukele noted that the purchase was intended to commemorate a meme occurrence around number 21.
The President broke the news via a Twitter post, which began with: “El Salvador’s entire size is 21,000 km2. Coincidence? I don’t think so!” The tweet added that:
“Today is the last 21st day of the year 21 of the 21st century. At 21:00 hours… We are buying 21 bitcoin for the occasion. I’m holding the purchase till 21:21:21.”
El Salvador continues to accumulate more Bitcoin since it made BTC a legal tender alongside the US dollar in September. Including its latest purchase, the Northern American nation now holds 1,391 BTC, worth $67 million at press time.
The country made its first BTC purchase of 400 some days before the Bitcoin Law got implemented. El Salvador later purchased 300 more coins following the launch of the law.
In October, the country bought 420 more coins to commemorate a meme event around the 420 number. In November, Bukele announced the purchase of another 100 BTC. The latest large purchase occurred in early December when President Bukele announced that they “bought the dip,” adding 150 BTC to its holdings, bringing it to a total of 1,370 BTC.
Key Bitcoin Levels to Watch — December 23
Following its recovery over the bearish momentum catalyzed by the multi-week-long descending trendline, Bitcoin has fallen into a sideways bias as bulls lack the strength to push beyond the $49,500 resistance.
That said, the benchmark cryptocurrency needs to secure its footing above the $48,000 support to sustain the renewed upbeat bias. With the 50 SMA currently below the price, it remains unlikely that BTC would record a sustained decline below the psychological support.
Moving on, all eyes are now set on the $50,000 top, as analysts remain divided on a possible “Santa Claus” rally.
Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,000, $47,000, and $46,000.
Total Market Capitalization: $2.28 trillion
Bitcoin Market Capitalization: $920.9 trillion
Bitcoin Dominance: 40.5%
Market Rank: #1
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