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As the market continues to fall, Michael Sayler, the founder and chairman of MicroStrategy has gained massive attention from the crypto community following his recent post on X (previously Twitter). On August 3, 2024, the chairman made a post on X, stating a simple note that everyone knows the rules.
Michael Saylor’s “Buy Bitcoin” Poster
Along with this note, he added a poster that clearly states “Buy Bitcoin.” This poster from Saylor potentially hints at buying the dip, which might be the reason for this massive attention from the crypto community. In just 5 hours, his post has attracted 243k views and 10k likes.
Everybody knows the rules. #Bitcoin pic.twitter.com/ZxcDj54hxl
— Michael Saylor (@saylor) August 3, 2024
However, this post comes following the announcement of MicroStrategy’s recent 169 BTC purchase, Morgan Stanley to offer spot Bitcoin ETFs to some clients, and Donald Trump’s idea for paying off $35 trillion United States debt with Bitcoin. At current, it appears that the major firms and politicians have started to appreciate the use case of BTC.
Meanwhile, under the leadership of Michael Saylor, MicroStrategy has accumulated a notable 226,500 Bitcoin (BTC), making it one of the largest corporate holders.
Bitcoin price analysis
Despite the bullish outlook, Bitcoin is currently trading near the $60,500 level and has experienced a notable 3.2% decline in the last 24 hours. Additionally, it also made a low of $59,922 during the same period, according to the data from coinmarketcap.
Meanwhile, trading volume has also declined by 20%, suggesting lower participation from traders and investors.
BTC technical analysis and upcoming levels
According to expert technical analysis, BTC looks bearish following the breakdown of the major support level of $63,380. However, it is currently moving near and above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating that BTC is still in an uptrend.
Source: TradingView
Amid the ongoing selling pressure, if BTC fails to hold above 200 EMA and gives a daily candle closing below the $59,000 level, we may see heavy selling pressure. Based on the historical price momentum, BTC could potentially fall another 8% and reach the $54,600 level in the coming days.
