Translating this news into trading lingo boils down to: someone's granting long-term residency to Bitcoin whales.
El Salvador has relaxed both taxes and residency days; they're not catering to tourists, but to those holding crypto and bringing in cash from abroad. The charts aren't asleep either, $BTC is currently at 64396, with a 24h increase of just 1.23%, but the contract/spot trading ratio has shot up to 7.6x, and the funding rate is still at -0.0057%. Prices haven't skyrocketed yet, but the shorts are already feeling the squeeze.
I didn't chase it; I only placed a 2% short above 64500, with a stop loss set at 64850. The news leans bullish, and the order book is tight, making it prone to whipsaws. $BTC #Bitcoin
El Salvador has relaxed both taxes and residency days; they're not catering to tourists, but to those holding crypto and bringing in cash from abroad. The charts aren't asleep either, $BTC is currently at 64396, with a 24h increase of just 1.23%, but the contract/spot trading ratio has shot up to 7.6x, and the funding rate is still at -0.0057%. Prices haven't skyrocketed yet, but the shorts are already feeling the squeeze.
I didn't chase it; I only placed a 2% short above 64500, with a stop loss set at 64850. The news leans bullish, and the order book is tight, making it prone to whipsaws. $BTC #Bitcoin