El Salvador purchased 1,098.19 BTC over the past seven days, increasing its treasury to roughly 7,474 BTC even as Bitcoin tumbled toward the $90,000 area.
Key Takeaways:
- El Salvador added 1,098.19 BTC in the last seven days, bringing its total holdings to ~7,474.37 BTC (~$688 million at the time of reporting).
- Bitcoin is currently (11:15AM UTC) trading around $91,000, down roughly 4.5% in the day, with materially larger weekly losses.
- Technical indicators such as the RSI suggest bitcoin is approaching oversold levels, a key point traders monitor for potential short-term price stabilization.
El Salvador’s government has continued its high-profile accumulation strategy, buying 1,098.19 BTC over the past seven days and posting an update of its holdings publicly. Crypto news outlets, as well as on-chain tracking platforms on X (formerly Twitter) including Lookonchain, have reported the country’s massive buying, capturing the crypto community’s notice and fueling speculations about the token’s future trajectory.
The purchases come amid a fresh market pullback that has pushed Bitcoin lower over the past week. The move continues a pattern from President Nayib Bukele’s administration: buying large chunks of bitcoin during sharp dips and broadcasting the buys to reinforce the country’s long-term stance on the asset.
Bitcoin Price Reacts to Sovereign Purchases
The price of Bitcoin (BTC) has weakened alongside El Salvador’s sustained purchasing reports. As of this writing (11:45AM UTC), BTC is trading at approximately $91,371.60, down 4.6% over the past 24 hours. Before reaching its current price, Bitcoin has recorded intraday lows around $89,368 and also reached intraday highs near $95,709 prior, according to CoinGecko.
On-chain and technical indicators also reflect the strain. TradingView’s technicals show bears in control on short horizons and oscillators such as the relative strength index (RSI) sitting near the mid-30s, a range typically watched for oversold conditions that could precede a bounce if buying pressure returns. That said, oversold readings can persist during deep corrections, so they are neither proof of an imminent reversal nor a buy signal on their own.
Government Highlights Strategy with Public Posts
The purchases were publicized via a screenshot shared on X by President Bukele, continuing his administration’s transparent Bitcoin acquisitional strategy. El Salvador has for years positioned bitcoin purchases as a fiscal and ideological bet on cryptocurrency as a reserve asset and a tool to attract foreign capital and tourism. Previous purchases and the policy itself have drawn sustained scrutiny from international financial institutions and market commentators, but the government has remained resolute.
Outlook: Will the Buying Continue?
El Salvador appears committed to continuing to buy on dips. The near-term outlook for bitcoin depends on whether buyers beyond the sovereign step in to absorb selling pressure. If technical indicators stabilize and demand from exchanges or institutions re-emerges, prices could find support and a short-covering bounce may follow. Conversely, if macro headwinds or liquidation waves persist, the market could test deeper support levels before accumulation by long-term holders resumes. Traders and investors should watch price action, RSI, on-chain flows and exchange liquidity for the next directional clues.
Summary
El Salvador bought 1,098.19 BTC over seven days, bringing its holdings to roughly 7,474 BTC while bitcoin slid toward $90,000; the buys have drawn market attention amid oversold technical readings.
