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Michael Saylor Declares Next Wave of Bitcoin Amid Boring BTC Market Action by U.Today
U.Today – MicroStrategy co-founder and chairman Michael Saylor has an emotional message about , the largest cryptocurrency by market cap, amid the current market slump. In a tweet, Saylor wrote, “Bitcoin expands your universe.”
This statement comes at a time when Bitcoin’s weekend trading activity has hit an all-time low.
According to data from cryptocurrency research firm Kaiko, the amount of Bitcoin traded on weekends has dropped to just 16% this year. This marks a significant shift in the trading patterns of the world’s leading digital currency, which has traditionally seen strong activity outside conventional market hours.
This decline could suggest a feeling of boredom or disinterest among traders in the context of the current market uncertainty, as evidenced by the decline in prices.
As the market continues to go through periods of stagnation, Saylor’s vision for Bitcoin represents a rallying cry, with interest and trading activity set to return.
Bitcoin dominated the news in early 2024, when the first U.S. spot ETFs for the largest digital asset launched. ETFs from BlackRock (NYSE:) and Fidelity attracted substantial inflows, pushing Bitcoin to a record high of $73,798 in March, although demand and prices have since cooled.
Bitcoin Price Action
Bitcoin price remains stuck in a wide range. After last Monday’s collapse to lows of $58,414, bulls have worked tirelessly to keep Bitcoin above $60,000. This is a favorable indication as it indicates that bulls may be buying the dip in Bitcoin.
As reported, over 20,200 BTC, worth $1.23 billion, were sent to accumulation addresses in a single day, suggesting a dip buy.
However, according to on-chain data from Santiment, the range-bound action of the past few weeks, coupled with the failure to reach a new high above $73,777, has led to a decline in bullish sentiment on major social media platforms in recent weeks. The decline in trader enthusiasm could signal a market bottom, Santiment added.
At the time of writing, BTC has risen 0.81% over the past 24 hours to $61,387.