Bitcoin (BTC) targeted $53,000 on Tuesday as fears of a fresh BTC cost dip faded in a higher place crucial resistance.

BTC/USD i-hour candle chart (Bitstamp). Source: TradingView

"No going back" after Republic of el salvador Bitcoin adoption

Information from Cointelegraph Markets Pro and TradingView showed BTC/USD hit new highs of $52,960 on Bitstamp overnight.

Subsequently a swift retest of the $51,000 level — the lower boundary of what was previously a large wall of selling pressure — Bitcoin bounced back with a vengeance, eclipsing bears and striking its highest in almost 4 months.

Short sellers lost out big, with 24-hour liquidations nearing $500 million at the fourth dimension of writing.

Amongst analysts, however, the talk was all about El Salvador, Tuesday marker its transition to a partial Bitcoin standard in a historic globe kickoff.

"El salvador just bought 200 new coins. We at present concord 400 BTC," president Nayib Bukele confirmed on Twitter as the state's accumulation officially began.

Bukele, who faced criticism from his citizens and international financial organizations over the move, added that the regime would buy "a lot more" in the short term.

He also called on mobile app stores to release El Salvador's state Bitcoin wallet, Chivo, in time for "Bitcoin Day."

"Bitcoin is at present legal tender in El Salvador. Soon more countries will follow," Samson Mow, chief strategy officer of Blockstream, meanwhile, commented in one of many responses predicting a domino event cheers to Republic of el salvador.

"At that place is no going dorsum. Y'all cannot put the genie back in the canteen."

Market eagerly buys up miner coins

Equally Cointelegraph reported, on-chain metrics and fundamentals appeared equally relentless this calendar week as the recovery from the May miner rout continued unabated.

Related: BTC becomes legal tender in El salvador: 5 things to picket in Bitcoin this week

Even miner profit-taking failed to dampen toll action or short-term expectations, on-chain analytics firm Glassnode noting that the market had "clearly absorbed" the spare liquidity.

"This calendar week, around 2,900 BTC have been spent from miner balances, equal to around $145M at a $50k BTC cost," it wrote in its latest weekly newsletter, "The Week On-chain."

Miner positions increasing or decreasing past up to $v,000 in a given week is standard practice, it added, describing the latest activity as "reasonably expected beliefs."

Bitcoin miner net position alter annotated nautical chart. Source: Glassnode