As the Bitcoin price once again touches the $60,000 mark, Michael Saylor, MicroStrategy chairman and co-founder, has made a Bitcoin statement that has resonated with many in the crypto community.
In a tweet, Saylor declared, “Bitcoin is the bridge from chaos to hope.” This he posted alongside a clip from Fox Business showcasing BTC’s yearly performance compared to major asset classes. Notably from 2013 till 2023, Bitcoin has led gains among major asset classes in eight out of eleven instances, showcasing a standout performance.
Saylor’s statement comes at a time when global economic uncertainties and market volatility are prompting 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 potential of higher-for-longer U.S. borrowing costs stoked the crypto markets.
Bitcoin reverses sell-off
Bitcoin began the past week seeing a slump that prompted fears of outflows from U.S. exchange-traded funds. Instead, dip buyers poured in funds, fueling optimism in the whole cryptocurrency market.
A net $737.5 million was added to the 11 ETFs in the four days leading up to Thursday, lifting the Bitcoin 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% in the last 24 hours to $60,272, following intraday highs of $60,431. If today closes in the green, Bitcoin will mark its third consecutive day of gains.
As Bitcoin advances higher, key resistance levels for Bitcoin to monitor, according to crypto analyst Ali Martinez, are $61,340 and $64,620, meanwhile the crucial support level to watch is $57,670.
However, Bitcoin’s upward price action still necessitates 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 the BTC uptrend.