El Salvador Doubles Down on Bitcoin, Buys 12 BTC Despite IMF Pressure

El Salvador has continued its Bitcoin accumulation strategy, purchasing an additional 12 BTC, bringing its total holdings to 6,068 BTC. This move comes despite the country's recent adjustment to its Bitcoin law, which was made to secure a $1.4 billion loan from the IMF. The purchase was made as Bitcoin's price dipped below $100,000, with the cryptocurrency hitting a 24-hour low near $96,000.

El Salvador's Bitcoin Office confirmed the purchase, stating that the country has been buying more BTC lately, with a total of 21 BTC added to its reserves in the past week alone. Over the past 30 days, El Salvador has purchased 60 BTC, demonstrating its long-term confidence in Bitcoin despite short-term price fluctuations.

In a recent development, El Salvador adjusted its Bitcoin law to secure a $1.4 billion loan from the IMF. Previously, businesses were required to accept Bitcoin as payment. However, under the revised law, businesses now have the choice to accept Bitcoin or not. This adjustment was made under pressure from the IMF, which has been skeptical of El Salvador's Bitcoin adoption. Despite this compromise, El Salvador continues to accumulate more BTC, proving its commitment to the cryptocurrency.

Bitcoin's price has been struggling recently, failing to stay above the key $100,000 level and dropping to a 24-hour low of around $96,000. Technical indicators, such as the 14-week relative strength index (RSI), are showing a bearish pattern, similar to what was seen in 2021 before Bitcoin's major correction. For a bullish turnaround, the RSI needs to break above its downtrend.