Michael Saylor announces next Bitcoin wave while BTC is sluggish in the market

MicroStrategy co-founder and chairman Michael Saylor has issued a stirring message about Bitcoin, the largest cryptocurrency by market capitalization, in light of the current market stagnation. In a tweet, Saylor wrote: “Bitcoin expands your universe.”

This statement comes at a time when Bitcoin trading activity hit a record low over the weekend.

According to data from cryptocurrency research firm Kaiko, Bitcoin trading share on weekends has dropped to just 16% this year, marking a significant shift in the trading pattern of the world’s leading digital currency, which traditionally sees heavy activity outside of normal trading hours.

This decline could indicate boredom or disinterest among traders in the face of ongoing market uncertainty, which is reflected in falling prices.

As the market continues to go through periods of doldrums, Saylor’s vision for Bitcoin represents a rallying cry and a return of interest and trading activity is expected.

Bitcoin dominated the news at the start of 2024 when the first U.S. spot ETFs for the largest digital asset went live. ETFs from BlackRock and Fidelity attracted significant inflows, driving Bitcoin to a record high of $73,798 in March, although demand and price have cooled since then.

Bitcoin price development

Bitcoin price remains trapped in a wide range. After crashing to lows of $58,414 last Monday, bulls have worked tirelessly to keep Bitcoin above $60,000. This is a favorable sign as it suggests that bulls could be buying the Bitcoin dip.

As reported, over 20,200 BTC worth $1.23 billion were sent to accumulation addresses in a single day, indicating dip buying.

However, the fluctuating performance of the past few weeks and the failure to break to a new high above $73,777 have led to a decline in bullish sentiment on major social media platforms in recent weeks, according to on-chain data from Santiment. The drop in traders’ enthusiasm could indicate a market bottom, Santiment added.

At the time of writing, BTC was up 0.81% over the past 24 hours to $61,387.

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Tomiwabold Olajide