Michael Saylor on Bitcoin’s Volatility

Economic Analysts

• Bitcoin could reach the $60,500 mark if its daily candle closes above the $58,500 mark.
• Veteran trader Peter Brandt suggests a short-term buy signal for Bitcoin.

Over the past few days, the entire cryptocurrency market has been very volatile, experiencing continuous ups and downs.

Amid this difficult situation, Michael Saylor, founder and CEO of MicroStrategy, and veteran trader Peter Brandt took a bullish stance on Bitcoin [BTC].

Michael Saylor and Peter Brandt post on X

On July 7, 2024, Michael Saylor published a post on X stating that

“Bitcoin is designed to always win.”

This post by the CEO of MicroStrategy highlights that Bitcoin is designed to succeed and become more valuable over time, no matter what happens in the market.

Along with the tweet, he also shared an image showing BTC’s performance over the year and comparing it to other asset classes like gold and silver.

Separately, well-known veteran trader Peter Brandt published a post on X stating that he found a bullish pattern in BTC, which he called “Foot Shot.” He added that it was a buy signal for the short term.

Both tweets from industry giants attracted a lot of attention from investors and traders during this difficult situation and could influence the bulls’ emotions.

Bitcoin Technical Analysis and Key Levels

According to technical analysis, Bitcoin currently looks bearish and is facing resistance at the 200 Exponential Moving Average (EMA) near the $58,000 mark.

This 200 EMA could act as a hurdle for BTC until it closes a candle above the $58,500 mark.

Despite strong resistance, the Relative Strength Index (RSI) is in an oversold zone and is forming a bullish divergence, signaling a potential sign of recovery.

There is a high probability of BTC hitting the $60,500 mark if a daily candle closes above the $58,000 mark.

According to on-chain analytics firm CoinGlass, nearly $2.4 billion worth of short positions will be liquidated if BTC hits the $60,500 mark.

Meanwhile, Bitcoin’s open interest (OI) has increased by 1.4% over the past 24 hours, according to CoinGlass data. This increase in OI signals low interest in Bitcoin from investors and traders.

BTC Price Performance Analysis

At the time of writing, BTC is trading near the $57,800 mark and has witnessed a 2% bullish momentum in the last 24 hours.

Read [BTC] Bitcoin Price Prediction for 2024-25

However, the trading volume dropped by 37% during the same period, indicating a decline in investor and trader participation in the last 24 hours.

If we look at BTC’s performance over a longer period, it has dropped by 6% in the last 7 days. In contrast, over the last 30 days, BTC has lost over 20% of its value, falling from $71,300 to $57,800.