Bitcoin

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<h2 id="key-points">Key Points</h2>
<ul>
 <li>Michael Saylor and Peter Brandt have expressed bullish sentiments on Bitcoin.</li>
 <li>Bitcoin could reach $60,500 if it manages a daily close above $58,500.</li>
</ul>
<p>Michael Saylor, founder and chairman of MicroStrategy, and veteran trader Peter Brandt, have both shown a bullish outlook on <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>.</p>
<h2 id="industry-leaders-show-support-for-bitcoin">Industry Leaders Show Support for Bitcoin</h2>
<p>In a recent post, Saylor stated that Bitcoin is engineered to keep winning. He suggests that despite market fluctuations, Bitcoin’s design ensures its continued success.</p>
<p>Brandt also expressed his optimism, identifying a bullish pattern in Bitcoin’s performance. He referred to this as a “Foot Shot” and indicated it as a short-term buy signal.</p>
<h2 id="bitcoin-s-technical-analysis">Bitcoin’s Technical Analysis</h2>
<p>Technical analysis shows Bitcoin facing resistance from the 200 Exponential Moving Average (EMA) around the $58,000 mark. However, if Bitcoin can close above $58,500, it could potentially reach $60,500.</p>
<p>The Relative Strength Index (RSI) is currently in an oversold area, suggesting a possible recovery. CoinGlass, an on-chain analytic firm, predicts that reaching $60,500 could liquidate nearly $2.4 billion of short positions.</p>
<p>As of now, Bitcoin is trading near $57,800, with a 2% increase in the last 24 hours. However, trading volume has dropped by 37% during the same period, indicating less investor and trader activity.</p>
<p>Over the past week, Bitcoin has decreased by 6%. In the last 30 days, Bitcoin has lost over 20% of its value, dropping from $71,300 to the current $57,800 level.</p>

Michael Saylor’s Insightful Take on Bitcoin’s Volatility: An Analysis

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CoinEagle.com

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