As Bitcoin price once again hit the $60,000 mark, Michael Saylor, president and co-founder of MicroStrategy, made a statement about Bitcoin that resonated with many in the cryptocurrency community.

In a tweet, Saylor declared: “Bitcoin is a bridge from chaos to hope.” He posted this alongside a clip from Fox Business showcasing BTC's year-to-date performance compared to major asset classes.

Notably, from 2013 to 2023, Bitcoin led gains among major asset classes in eight out of 11 cases, showing outstanding performance.

Saylor's announcement comes at a time when global economic uncertainties and market volatility are pushing investors to seek alternative assets.

In recent weeks, Bitcoin's decline from its March record has accelerated due to concerns about Mt. Gox, German government Bitcoin sales and the possibility of higher US long-term borrowing costs have boosted the cryptocurrency market.

Bitcoin reverses sell-off

Bitcoin began to see a decline last week, raising concerns about capital outflows from US exchange-traded funds. Instead, bearish buyers poured in, fueling optimism across the entire cryptocurrency market.

A net $737.5 million was added to 11 ETFs in the four days through Thursday, lifting Bitcoin prices higher after falling to a low of $53,602 on July 5.

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At the time of writing, BTC has recovered its weekly losses and is up 5% over this time frame. Bitcoin is up 3.7% over the past 24 hours to $60,272, off an intraday high of $60,431. If today closes in the green, Bitcoin will mark its third straight day of gains.

According to crypto analyst Ali Martinez, as Bitcoin moves higher, the key resistance levels for Bitcoin to watch are $61,340 and $64,620, while the key support level to watch is $57,670.

However, Bitcoin's bullish price action still calls for a bit of caution as it trades slightly above the 200-day SMA at $59,207. Ali urged traders to wait for a sustained close above the 200-day SMA to confirm the continuation of the BTC uptrend.