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Michael Saylor Releases Statement on Bitcoin as Market Finds Direction By U.Today
U.Today – Amid ongoing economic uncertainty, MicroStrategy co-founder and chairman and a major backer, Michael Saylor, once again expressed his unwavering support for the leading cryptocurrency. As investors grapple with uncertainty over interest rates and potential future cuts, Saylor offered a clear message: “The cure for economic ills is the orange pill.”
This statement comes at a critical time. Bitcoin has hit $62,000 after falling below $60,000 earlier in the week. The market direction is currently being influenced by mixed signals from economic data, as investors look for clues about the future trajectory of the economy and how it could impact monetary policy.
With inflationary pressures and volatile economic indicators, the timing of potential rate cuts is a topic of widespread debate among market participants.
Michael Saylor’s claim that Bitcoin is the “cure for economic ills” underscores his belief that Bitcoin is a hedge against economic instability and inflation.
The term “orange pill” refers to the concept of Bitcoin adoption as a fundamental shift in financial outlook, similar to the “red pill” metaphor from the movie “The Matrix,” which represents enlightenment and awakening.
Bitcoin Price Action
Bitcoin rose 0.41% over the past 24 hours to $62,035, hitting intraday highs of $62,346.
Bitcoin has been settling in a broad range between $56,500 and $73,777 for several months, indicating buying near support and selling near resistance. When a price remains in consolidation, it may take a strong catalyst to move it above or below the range.
In the immediate term, Bitcoin bulls face a battle to keep the price above the critical $56,000 support level. Bulls are expected to remain active in the $60,000 to $56,500 range for the next few days as BTC could fall to $50,000 if they fail to secure the support.
The main resistance level to watch on the upside is $64,800. A break and close above this level would indicate that the bears are losing momentum. Bitcoin could now target a rally to $70,000.