Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours. Part of a multi-day range bound construction, the dip resulted in a push towards $48,000, with bulls still unable to gather momentum for an attack on $50,000. For popular trader Crypto Ed, $48,200 was the level to watch for continuation upward. “Showing some tricky moves, retest failed overnight with that dump,” he commented on the hourly chart.
The mood among analysts broadly stayed optimistic on the day despite price action lagging any noticeable improvement in market activity. El Salvador, who’s been on the headline for adopting Bitcoin as legal tender, has some new developments today. On Sept 7, Bukele will introduce the much-debated Bitcoin Law in the country. Hundreds of protesters took to the streets of El Salvador to raise their voices against President Nayib Bukele's decision to make Bitcoin legal tender.
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