U.Today – As the cryptocurrency market experiences volatility, Michael Saylor, president of MicroStrategy, has made a stoic comment in response to the recent price drop of .
In a tweet that caught the attention of the crypto community, Saylor claimed, “1 BTC to 1 BTC,” reiterating a core belief in Bitcoin’s enduring value despite market fluctuations.
Bitcoin’s price has fallen below the $56,000 mark, continuing a decline that has now extended into its fourth consecutive day. This drop is part of a broader trend that has seen Bitcoin plummet, with over $800 million worth of bullish crypto bets liquidated across the cryptocurrency market in one of the largest liquidations since April, according to CoinGlass statistics.
By equating one Bitcoin with one Bitcoin, Saylor is emphasizing the idea that regardless of its dollar valuation at any given time, Bitcoin's intrinsic value remains unchanged.
Bitcoin price falls
A four-day slump in Bitcoin brought the digital asset close to levels last seen in February. The top cryptocurrency sank to an intraday low of $53,499 before recovering some of its losses to trade 3.95% lower at $55,780 at press time. Alternative cryptocurrencies, known as altcoins, also plunged.
Bitcoin is currently down around 25% from its March peak as speculation about US exchange-traded funds investing directly in the token gives way to concerns about higher interest rates for longer.
The leading cryptocurrency hit an all-time high of $73,798 in March, boosted by unexpectedly robust demand for U.S. ETFs. Inflows have subsequently tapered off, sending the price of bitcoin lower and casting a shadow over the rest of the digital asset market.
Speculators are already evaluating Bitcoin charts to see if closely watched technical levels hold or fall. The cryptocurrency has lost its daily 200 simple moving average (SMA) at $57,715, and attention is now shifting to the next significant demand zone.
According to cryptocurrency analyst Ali, the next key demand wall for Bitcoin is around $47,000, and for the bullish move to resume, BTC needs to close and stay above $61,000.
This article was originally published on U.Today
