Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.
I think that the news itself is what drives the price and no the actual act of adopting it, a lot of people at this point have invested in bitcoun and held it in the hopes that by the 7th of September the price will reach high prices because of the news of adoptation, and as soon as the price hit 50k they all started selling and that is why the price right now is going down.