Bitcoin price drop, El Salvador bought the dip and now holds 700 BTC

Bitcoin price failed once again to clear the $48,500 resistance zone. It is declining and it could even decline below the $46,200 support zone. At the time of writing, BTC is changing hands at $45,780. At this point, instead of worry and fear, the El Salvador government took advantage of falling prices and bought the dip.

bitcoin-price-drop-el-salvador-bought-the-dip-and-now-hold-700-btc

BTC/USD 4-hour chart | Source: TradingView

El Salvador has bought the Bitcoin price dip

Not long ago, President Nayib Bukele announced the purchase of 150 more BTC, worth about $6.8 million at the time. Besides, he also urged his followers to buy the dips.

bitcoin-price-drop-el-salvador-bought-the-dip-and-now-hold-700-btc[1]

Source: Nayib Bukle/The government of El Salvador 

With this additional purchase, El Salvador now holds 700 BTC. The Central American country originally purchased 400 BTC on September 7, the day they accepted Bitcoin as a legal tender. Earlier, Congress approved the creation of a $150 million Bitcoin fund.

Earlier today, BTC dropped to $45,135 on the Bitstamp exchange. The recent sell-off coincided with Hong Kong’s Hang Seng index falling 4% amid fears of an outbreak in the Evergrande. This drop of more than $2,000, however, did not cause panic in the market.

Because at the moment, market sentiment is still in a neutral position.

bitcoin-price-drop-el-salvador-bought-the-dip-and-now-holds-700-btc

Crypto Fear & Greed Index as of Sep 20 | Source: Alternative.me

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