U.Today – Amidst the current economic uncertainty, Michael Saylor, co-founder and chairman of MicroStrategy and a prominent cryptocurrency advocate, has once again expressed his unwavering support for the leading cryptocurrency. As investors grapple with uncertainty over interest rates and possible future rate cuts, Saylor has offered a clear message: “The cure for economic ills is the orange pill.”
This statement comes at a critical time. Bitcoin reached the $62,000 price mark after falling below $60,000 at the start of the week. Market direction is currently influenced by mixed signals from economic data, as investors look for clues about the future trajectory of the economy and how this could affect monetary policy.
With inflationary pressures and different economic indicators, the timing of potential rate cuts is a topic of major debate among market participants.
Michael Saylor's claim that Bitcoin is the “cure for economic ills” underscores his belief in Bitcoin as a hedge against economic instability and inflation.
The term “orange pill” is a nod to the concept of adopting Bitcoin as a fundamental shift in financial outlook, similar to the “red pill” metaphor from the movie “The Matrix,” which represents enlightenment and awakening.
Bitcoin price action
Bitcoin rose 0.41% over the past 24 hours to $62,035, hitting intraday highs of $62,346.
Bitcoin has been stabilizing for several months in a wide range between $56,500 and $73,777, indicating buying near support and selling near resistance. When a price remains in consolidation, it may require a strong catalyst to move it above or below the range.
In the immediate term, Bitcoin bulls face a battle to keep the price above the critical $56,000 support level. The bulls are predicted to remain active in the $60,000 to $56,500 range for the next few days as if they fail to protect the support, BTC could fall to $50,000.
The main resistance level to watch on the upside is $64,800. A break and close above this level would indicate that the bears are losing strength. Bitcoin's next goal could be to reach $70,000.
This article was originally published on U.Today
