Bitcoin Price Hits $60,000 as Michael Saylor Makes Epic Statement

Bitcoin Price Hits $60,000 as Michael Saylor Makes Epic Statement

As the price of Bitcoin once again touches the $60,000 mark, Michael Saylor, MicroStrategy chairman and co-founder, has made a statement that has resonated with many in the crypto community.

In a tweet, Saylor declared, “Bitcoin is the bridge from chaos to hope.” This statement comes at a time when global economic uncertainties and market volatility are prompting investors to seek alternative assets. Bitcoin has shown standout performance among major asset classes, leading gains in eight out of eleven instances from 2013 till 2023.

Bitcoin began the past week with a slump that prompted fears of outflows from U.S. exchange-traded funds. However, dip buyers poured in funds, fueling optimism in the 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, Bitcoin had recovered its weekly losses and was up 5% in this time frame. It was up 3.7% in the last 24 hours to $60,272, with intraday highs of $60,431. Key resistance levels for Bitcoin to monitor are $61,340 and $64,620, while the crucial support level to watch is $57,670.

However, traders are urged to exercise caution as Bitcoin trades slightly above the 200-day SMA at $59,207. Analysts recommend waiting for a sustained close above the 200-day SMA to confirm the continuation of the BTC uptrend.

As Bitcoin continues to advance higher, Saylor’s statement serves as a reminder of the potential for Bitcoin to provide stability and hope in times of chaos and uncertainty in the global economy.