U.Today – As the price touches the $60,000 mark again, Michael Saylor, chairman and co-founder of MicroStrategy, has made a statement about Bitcoin that has resonated with many in the crypto community.
In a tweet, Saylor stated, “Bitcoin is the bridge between chaos and hope.” This was posted alongside a clip from Fox Business showing BTC’s year-over-year performance compared to major asset classes. Notably, from 2013 to 2023, Bitcoin has led gains among major asset classes in eight out of eleven cases, showing outstanding performance.
Saylor’s statement comes at a time when global economic uncertainties and market volatility are driving investors to seek alternative assets. In recent weeks, Bitcoin’s decline from its March record accelerated as concerns about Mt. Gox, the German government’s Bitcoin sales and the possibility of higher-for-longer U.S. borrowing costs stoked cryptocurrency markets.
Bitcoin reverses the fall
Last week, Bitcoin started with a drop that sparked fears of outflows from exchange-traded funds in the United States. Instead, buyers who had been shorted invested funds, fueling optimism across the cryptocurrency market.
A net $737.5 million was added to the 11 ETFs in the four days leading up to Thursday, pushing Bitcoin's price higher after falling to lows of $53,602 on July 5.
At the time of writing, BTC had recovered its weekly losses and was up 5% in this time frame. Bitcoin was up 3.7% over the past 24 hours to $60,272, after hitting intraday highs of $60,431. If it closes in the green today, Bitcoin will mark its third consecutive day of gains.
As Bitcoin moves higher, the key resistance levels that Bitcoin needs to monitor, according to cryptocurrency analyst Ali Martinez, are $61,340 and $64,620, while the crucial support level to watch out for is $57,670.
However, Bitcoin’s upward price action still requires some caution as it is trading slightly above the 200-day simple moving average (SMA) at $59,207. Ali urges traders to wait for a sustained close above the 200-day simple moving average (SMA) to confirm the continuation of BTC’s uptrend.
This article was originally published on U.Today
