Michael Saylor's Bitcoin Statement Electrifies Crypto Community: Details

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Michael Saylor, cofounder and executive chairman of MicroStrategy, has once again stirred the crypto community with his latest statement. In a recent tweet, Saylor declared, "working for Bitcoin."

Saylor's tweet underscores his commitment to Bitcoin, a stance he has maintained since MicroStrategy began accumulating the cryptocurrency in 2020. MicroStrategy's market worth has increased from $1.5 billion to more than $40 billion in the four years since.  Saylor owes the company's success to its Bitcoin strategy.

Saylor's declaration that he is "working for Bitcoin" might suggest deeper involvement in the Bitcoin ecosystem beyond just corporate investment. This might reaffirm his deep commitment to promoting and advancing the adoption of cryptocurrency.

His statement implies that Bitcoin is more than just an asset he believes in but a movement that he actively supports and grows.

Bitcoin price action

Bitcoin reached a high of $69,498 on Monday, following several days of gains. The price increase has broken through multiple crucial levels based on technical and on-chain inputs. This is one of the first indications of upward price momentum since late June.

This rise has seen the market break past the combined barrier of the 200- and 111-day moving averages, to which Bitcoin investors typically respond. Open Interest in both perpetual and fixed-term futures contracts reached a new all-time high of $32.9 billion this week, indicating a significant rise in aggregate leverage entering the system.

Interestingly, the 365-day SMA has historically acted as either support or stubborn resistance at macro market inflection points. Recently, the 365 DMA acted as strong support, a key level that will be watched in the coming days. At the time of writing, BTC was down 1.72% to $66,428.

Traders are concerned that the central bank might be less likely to cut interest rates, even as the Fed had forecast another half-point worth of cuts before the end of the year. Investors will be keeping an eye on the latest comments from Fed officials on Wednesday.