Bitcoin Michael Saylors Perspective on Bitcoin Volatility

CoinDesk Report:
If Bitcoin’s daily candle closes above $58,500, Bitcoin could reach the $60,500 level. Veteran trader Peter Brandt suggests a buying signal for Bitcoin in the short term.
Over the past few days, the entire cryptocurrency market has experienced significant volatility and ongoing fluctuations.
In this challenging situation, MicroStrategy founder and chairman Michael Saylor and veteran trader Peter Brandt remain optimistic about Bitcoin.
Michael Saylor and Peter Brandt Post on X
On July 7, 2024, Michael Saylor posted on X, stating, “Bitcoin’s design is meant to continually triumph.”
The MicroStrategy chairman’s post emphasizes that Bitcoin’s design aims for success regardless of market events, becoming more valuable over time.
Simultaneously on Twitter, he shared an image displaying BTC’s performance over the past year, comparing it with other asset classes including gold and silver.
Additionally, renowned veteran trader Peter Brandt also posted on X, identifying a bullish pattern in BTC which he termed a “Foot Shot”. He added that this serves as a short-term buying signal.
Amid this challenging landscape, these tweets from industry giants have garnered significant attention from investors and traders, potentially influencing bullish sentiment.
Bitcoin Technical Analysis and Key Levels
According to technical analysis, Bitcoin currently appears bearish and faces resistance near the 200-day Exponential Moving Average (EMA) around $58,000.
This 200 EMA could pose a barrier for BTC until it closes above $58,500.
Despite strong resistance, the Relative Strength Index (RSI) remains in oversold territory and shows signs of bullish divergence, indicating potential recovery.
If BTC’s daily closing price surpasses $58,000, it is likely to reach the $60,500 level.
According to on-chain analytics firm CoinGlass, reaching the $60,500 level would liquidate nearly $2.4 billion in short positions.
Meanwhile, CoinGlass data shows Bitcoin’s open interest surged by 1.4% in the past 24 hours. This spike suggests continued interest from investors and traders in Bitcoin.
BTC Value Analysis
As of the time of writing, BTC trades close to $57,800, marking a 2% increase over the past 24 hours.
Read about Bitcoin’s [BTC] price predictions for 2024-25
However, trading volume during the same period decreased by 37%, indicating reduced participation from investors and traders over the past 24 hours.
Looking at BTC’s performance over longer periods, it has declined by 6% over the past 7 days. Yet, over the past 30 days, Bitcoin has depreciated by more than 20%, falling from $71,300 to $57,800.