Bitcoin news - El Salvador & bitcoin legal tender and mining - Technical Analysis & death cross

Is El Salvador really the savior of bitcoin, or what we saw was just another small pump of the continuous downtrend started 3 4 weeks ago?

Without exaggeration, the most important news for bitcoin till today for 2021, is that El Salvador makes bitcoin legal tender. El Salvador is the first country in the world which adopts bitcoin as legal tender, which means that bitcoin will be used as an official currency. In addition, El Salvador will explore means of bitcoin mining using clean energy and considering its volcanos and geothermal energy solutions.

In the meantime, International Monetary Fund (IMF) stated that they will closely follow this case, since they have legal and economical concerns of the adoption of bitcoin as legal and official currency.

Analysing some technical indicators, at bitcoin's daily chart, the main moving Averages have already started to move downwards especially after the massive sell off which started at 12.05.2021.

20 EMA has already crossed with the 200 EMA, while the next in turn is the 50 EMA which has a little more space till it meets with the 200 EMA too (also known as the ''death cross''). In regards of Fibonacci levels, it seems that there is a support level which held up at the 50% Fibonacci level, approximately $33400 to $33800, where we can see bitcoin's closing prices since 23.05.2021.

The next Fibonacci level is at 61.8%, which is approximately at $27000.