Bitcoin (BTC) Rebounds, Michael Saylor Sparks Buzz with a Bold BTC Statement

U.Today - Bitcoin (BTC) is back in the green, and Strategy cofounder Michael Saylor has once again sparked a buzz with a bold BTC statement.

Bitcoin (BTC) price is trading in the green on Tuesday, as the FOMC meeting approaches. In other news, Michael Saylor continues to be a strong advocate for BTC.

What Happened: According to data from Benzinga Money Pro, BTC is up nearly 2% in the last 24 hours to $83,934, reaching intraday highs of $84,358 ahead of the FOMC, where traders expect rates to be unchanged. Some suggest the $80,000 mark should be monitored since a break below it would imply the loss of a major support level.

The FOMC decision could either spark a recovery, if dovish, or prolong the decline if hawkish, with Bitcoin's short-term direction linked to macroeconomic signals.

According to Glassnode, the Bitcoin market is still adjusting to its new price range following a 30% fall. Liquidity levels are also falling in both on-chain and futures markets. Furthermore, long-term holders remain passive, confirming a sluggish market and sideways price activity.

Also Read: Is MSTR A Buy Or Sell?

Later this year, enterprise software company, Strategy announced its plans to sell $500 million of dollar-denominated perpetual preferred stock. The company, formerly known as MicroStrategy, plans to use proceeds for general corporate purposes, such as the acquisition of Bitcoin and operating capital.

On Monday, Strategy said it purchased $10.7 million in Bitcoin, a week after announcing its intention to issue up to $21 billion in preferred shares to acquire more BTC.

See More: 5 Things To Know As FOMC Looms; Nvidia, Tesla To Report

Try BTC

— Michael Saylor (@michael_saylor) August 1, 2024

Saylor appears to be advising investors to "Try BTC" in a two-word tweet. He also shared a chart showing the U.S. dollar gaining strength against the Turkish lira.

The cofounder of Strategy is a well-known Bitcoin bull and has previously touted it as a better store of value than fiat currencies.

The company has been accumulating Bitcoin since 2014 and currently holds over 150,000 BTC on its balance sheet.

As of Monday's closing price, the BTC holdings are valued at over $12.8 billion.

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The total cryptocurrency market cap is $1.12 trillion and has risen 0.38% in the last 24 hours.