Bitcoin price is trying to bounce off the $ 35,000 level after the legal currency milestone in El Salvador

The price of Bitcoin (BTC) moved towards $ 35,000 on June 9th, fueled by historical news that cryptocurrency is now legal tender in El Salvador.

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

A trader “isn’t sure” whether Bitcoin has bottomed out

Data from Cointelegraph Markets Pro and TradingView showed a rapid rally in BTC / USD on Wednesday: Bitcoin was first introduced by an official state.

Despite the reactions celebrating the decision of the Salvadoran Parliament, traders remained nervous. As Cointelegraph reported, There are expectations that the price of Bitcoin will soar to $ 35,000 in the short term before pulling back and falling..

Bitcoin price is trying to bounce off the $ 35,000 level after the legal currency milestone in El Salvador
Bitcoin price is trying to bounce off the $ 35,000 level after the legal currency milestone in El Salvador

“Bitcoin prints a higher low. I expect a little more bounce for today”, summarized the popular crypto trader Ed on Twitter.

“I’m still not sure it’s bottomed out. I’ll update later today.”

A rougher warning had come from the dealer Crypto Cobra, which this week reiterated predictions of a significant drop in the price of all cryptocurrencies. This, he said, could cost the tokens 20% which means that Bitcoin price could reach $ 25,000.

However, Crypto Ed added that a falling US dollar, which was on the rise from Monday, could create the conditions for a “miracle” of Bitcoin growth.

“That’s all we need to make the price of BTC go up”, commented on recent readings from the US dollar currency index (DXY).

“The DXY is going down here and it’s going to happen.”

1-hour candlestick chart of the US dollar currency index. Source: TradingView

Altcoins enjoy recovery from losses

In the meantime, Bitcoin’s renewed upward trend had an overall positive effect on altcoins.

The top 50 cryptocurrencies by market capitalization posted gains of 3% that day, with a few exceptions when it rises or falls.

The price of Ether (ETH) hovered above $ 2,500although like Bitcoin it is still 5% below its position a week ago.

The global capitalization of the cryptocurrency market was just under $ 1.54 trillion, and Bitcoin dominance at press time was 41.6%.

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