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MicroStrategy co-founder and executive chairman Michael Saylor has once again upset the crypto community with his latest statement. In a recent tweet, Saylor declared he was “working for Bitcoin.”
Saylor's tweet underscores the commitment he has maintained to Bitcoin since MicroStrategy began accumulating the cryptocurrency in 2020. In the four years since then, MicroStrategy's market value has grown from $1.5 billion to more than $40 billion. Saylor attributes the company's success to its Bitcoin strategy.
Saylor's declaration that he “works for Bitcoin” could signal a deeper involvement in the Bitcoin ecosystem beyond just a corporate investment. This may reaffirm his deep commitment to promoting the adoption of cryptocurrencies.
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His statements suggest that Bitcoin is not just an asset he believes in, but a movement he actively supports and grows.
Bitcoin price fluctuation
Bitcoin reached a high of $69,498 on Monday after several days of gains. The price increase has broken through multiple key levels based on technical and on-chain inputs. This is one of the first signs of upward momentum in prices since late June.
This rally caused the market to break through the combined 200-day and 111-day moving average barriers that Bitcoin investors typically react to. Open interest in perpetual and fixed-term futures contracts reached an all-time high of $32.9 billion this week, indicating a significant increase in the total leverage entering the system.
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Interestingly, the 365-day SMA has historically acted as support or stubborn resistance at macro market inflection points. Recently, the 365 DMA has acted as strong support and is an important level to watch over the coming days. At the time of writing, BTC was down 1.72% to $66,428.
Traders are concerned that the central bank is less likely to cut rates, even though the Fed expects another half-point rate cut by the end of the year. Investors will be watching for the latest comments from Fed officials on Wednesday.
