MicroStrategy co-founder and chairman Michael Saylor has delivered a resolute message on Bitcoin, the largest cryptocurrency by market capitalization, amidst current market stagnation. In a tweet, Saylor proclaimed, “Bitcoin expands your universe.”
This statement comes as Bitcoin’s weekend trading activity has plummeted to a record low this year, accounting for just 16% of total trades, according to data from cryptocurrency research firm Kaiko. This shift in trading patterns signifies a departure from the usual robust activity seen during off-peak market hours, possibly reflecting trader boredom or disinterest amidst market uncertainty and declining prices.
Despite the subdued market atmosphere, Saylor’s optimistic view on Bitcoin serves as a rallying cry, anticipating a resurgence in interest and trading activity. Earlier in 2024, Bitcoin made headlines with the launch of the first U.S. spot ETFs, spearheaded by BlackRock and Fidelity, which initially propelled Bitcoin to a record high of $73,798 in March before cooling off.
Currently, Bitcoin remains range-bound, with recent efforts by bulls to maintain support above $60,000 following a dip to $58,414 last Monday. Notably, significant accumulation of over 20,200 BTC worth $1.23 billion in a single day suggests robust dip-buying behavior.
However, despite these dynamics, the failure to surpass previous highs and declining bullish sentiment across social media platforms indicate a cautious market sentiment, potentially signaling a bottoming phase according to on-chain data from Santiment.
As of the latest update, Bitcoin’s price has shown a modest increase of 0.81% over the past 24 hours, trading at $61,387.
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