U.Today – As the price once again reached $60,000, Michael Saylor, CEO and co-founder of MicroStrategy, made a statement regarding bitcoin that resonated with many in the cryptocurrency community.
In the tweet, Saylor declared, “Bitcoin is a bridge from chaos to hope.” He posted it alongside a clip from Fox Business that showed BTC’s year-on-year performance compared to major asset classes. Specifically, from 2013 to 2023, Bitcoin led gains among major asset classes in eight of eleven instances, showing outstanding performance.
Saylor’s statement comes at a time when global economic uncertainty and market volatility are driving investors to seek alternative assets. Bitcoin’s decline from its March high has accelerated in recent weeks as concerns about Mt. Gox, the German government’s bitcoin sell-off and the potential for higher borrowing costs in the U.S. have fueled cryptocurrency markets for a longer period of time.
Bitcoin Reverses Selloff
Bitcoin started last week with a decline that raised concerns about outflows from U.S. ETFs. Instead, buyers poured funds into the downside, fueling optimism across the cryptocurrency market.
A net $737.5 million was added to 11 ETFs in the four days to Thursday, driving bitcoin’s price further higher after falling to a low of $53,602 on July 5.
At the time of writing, BTC has recouped its weekly losses and is up 5% in the period. Bitcoin is up 3.7% in the past 24 hours to $60,272, after intraday highs of $60,431. If today closes in the green, Bitcoin will mark its third consecutive day of gains.
As Bitcoin continues to rise in value, according to cryptocurrency analyst Ali Martinez, the key resistance levels to monitor are $61,340 and $64,620, while the key support level to watch is $57,670.
However, the rising price of Bitcoin still calls for some caution as the price is trading 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.
