Michael Saylor Declares Bitcoin’s Next Wave Amid BTC’s Lackluster Market Activity

MicroStrategy co-founder and chairman Michael Saylor has shared an inspiring message about Bitcoin, the leading cryptocurrency by market capitalization, amid the current market stagnation. In a recent tweet, Saylor expressed, “Bitcoin expands your universe.”

This message arrives as Bitcoin’s trading activity over the weekend has hit a record low, with data from a cryptocurrency research firm indicating that only 16% of Bitcoin trading occurred during weekends this year. This represents a notable change in the trading behavior of the digital currency, which typically experiences significant trading outside regular market hours.

This decline in weekend trading may reflect a sense of boredom or lack of interest among traders, driven by ongoing market uncertainty and falling prices. As the market continues to experience these quieter periods, Saylor’s optimistic outlook for Bitcoin serves as a potential catalyst for renewed interest and activity.

Bitcoin made headlines at the beginning of 2024 when the first U.S. spot exchange-traded funds (ETFs) for the cryptocurrency launched. ETFs from major financial firms attracted considerable investments, helping push Bitcoin to a peak price of $73,798 in March, although demand and pricing have since eased.

Currently, Bitcoin’s price is fluctuating within a broad range. After a drop to $58,414 earlier last week, buyers have been actively working to maintain Bitcoin’s value above $60,000, a positive sign suggesting that investors may be taking advantage of the dip. Reports indicate that over 20,200 BTC, valued at $1.23 billion, were transferred to accumulation addresses in a single day, signaling further dip-buying behavior.

Nevertheless, the recent range-bound trading and the inability to break past $73,777 has led to a decline in bullish sentiment across major social media platforms in recent weeks, based on on-chain analysis. This decrease in trader enthusiasm might hint at the possibility of a market bottom.

As of the latest updates, Bitcoin’s price has increased by 0.81% in the last 24 hours, reaching $61,387.