Bitcoin dropped to $94,061.07 after the US Government sold $6.7 billion worth of seized tokens.
El Salvador’s President Nayib Bukele views the dip as an opportunity to boost Bitcoin holdings.
Bitcoin peaked at $102,464.43 this week but has faced selling pressure and volatility since.
El Salvador's President Nayib Bukele has signaled the possibility of purchasing another batch of BTC soon. This is after the United States government recently approved the sale of $6.7 billion in Bitcoin tokens. Analysts say this sale would add to selling pressure, driving Bitcoin lower to the $90,000 level.
The price of Bitcoin has fluctuated markedly in recent days, largely driven by heightened selling pressure. Currently, Bitcoin is priced at $94,061.07, marking a 1.26% drop in the last 24 hours and a 1.43% decline over the past week.
Also, the market capitalization and trading volume have sunk 1.25% and 2.99%, respectively. Bitcoin reached as high as $102,464.43 earlier this week but could barely continue climbing.
However, the sale of Bitcoin seized by the US Government from Silk Road has played havoc in the market. This development has caused a bearish sentiment as the Bitcoin price falls beneath $95,000. So many in the market expect more selling pressure to drive the price to $90,000. That means some have a chance to buy more Bitcoin for less money.
Robert Kiyosaki and many others hold views similar to Nayib Bukele's. They have hoped in the long-term value of Bitcoin and that the current dip offers an ideal entry point. However, El Salvador’s commitment to building up its cryptocurrency holdings is supported by Bukele’s interest in acquiring more Bitcoin.
Bitcoin is still experiencing temporary outbreaks of volatility, which is splitting market participants into two camps. People who see an opportunity to buy things at attractive prices see the decline as an opportunity, and some believe it alludes to cutting losses in the short term. Further price movement will rely on institutional actions and market mood in general.
