Bitcoin
Michael Saylor Makes Epic Statement on Bitcoin as BTC Price Hits $60,000 by U.Today
U.Today – As the price hits the $60,000 mark again, Michael Saylor, chairman and co-founder of MicroStrategy, made a statement about Bitcoin that resonated with many in the cryptocurrency community.
In a tweet, Saylor stated, “Bitcoin is the bridge from chaos to hope.” He posted this alongside a clip from Fox Business showing BTC’s yearly performance compared to major asset classes. Notably from 2013 to 2023, Bitcoin led gains among major asset classes in eight out of eleven instances, showing standout performance.
Saylor’s statement comes at a time when global economic uncertainty and market volatility are driving investors to seek alternative assets. In recent weeks, Bitcoin’s decline from its March record high has accelerated as concerns over Mt. Gox, the German government’s Bitcoin selloff and the potential for higher borrowing costs for longer in the U.S. have fueled crypto markets.
Bitcoin reverses sell-off
Bitcoin began last week seeing a slump that sparked fears of outflows from U.S. exchange-traded funds. Instead, dip buyers dumped funds, fueling optimism across the cryptocurrency market.
A net total of $737.5 million was added to the 11 ETFs in the four days leading up to Thursday, boosting the price of Bitcoin after falling to lows of $53,602 on July 5.
At the time of writing, BTC has recovered from its weekly losses and is up 5% over the period. Bitcoin is up 3.7% over the past 24 hours to $60,272, after hitting intraday highs of $60,431. If today closes in the green, Bitcoin will mark its third consecutive day of gains.
As Bitcoin moves higher, the key resistance levels to monitor, according to cryptocurrency analyst Ali Martinez, are $61,340 and $64,620, while the crucial support level to watch is $57,670.
However, Bitcoin’s upward price action still calls for a bit of caution as it trades slightly above the 200-day SMA at $59,207. Ali urges traders to wait for a sustained close above the 200-day SMA to confirm the continuation of BTC’s uptrend.