On Tuesday, the market’s leading cryptocurrency, Bitcoin (BTC), recovered to the crucial $71,000 level. However, in the past day, BTC has failed to hold above this level and is currently trading within the range of $69,900 to $71,000. Despite this decline, faith in the king’s coin has not diminished.

Saylor’s key message about Bitcoin

Michael Saylor, the founder of business intelligence firm MicroStrategy, has significantly increased his company’s bet on Bitcoin over the past four years. In August 2022, Saylor stepped down as CEO and assumed the role of executive chairman, continuing to lead the company’s BTC strategy. This happened exactly four years after MicroStrategy started regular purchases of BTC. To date, the company has amassed a whopping 214,400 BTC, with a fiat value of over $7.5 billion.

On May 21, Saylor posted a tweet with a fundamental Bitcoin message, comparing the conventional financial system spread across the world to the iconic movie The Matrix. He believes that Bitcoin can help people escape this Matrix.

He shared the tweet after the leading cryptocurrency fell 2.20% in the past 24 hours, from above $71,000 to the $69,800 level, where it is trading at the time of writing.

BlackRock reports the highest inflows in the past month

According to data from the @spotonchain analytical account, spot Bitcoin ETFs experienced significant inflows on May 21 that had not been nearly as high. Together, these funds have acquired more than $307 million worth of Bitcoin.

To date, net inflows have remained positive for seven consecutive trading days, which the data source highlights as a strong trend. The BlackRock fund recorded daily inflows of $291 million following a recovery, which was the largest inflows in the past 32 trading days.

As for Grayscale, it did not see a single BTC inflow after four consecutive days of uninterrupted inflows.

Meanwhile, renowned cryptocurrency trader and analyst Ali Martinez has tweeted that BTC currently has minimal resistance on the chart. He advises traders to keep a close eye on the key supply zone between $70,180 and $70,600; at these levels, 273,000 Bitcoins have been accumulated by more than 450,000 wallets. According to Martinez, “the odds are in favor of the bulls.”

Source: https://cryptobenelux.com/2024/05/22/bitcoin-valt-terug-onder-de-70-000-maar-geloof-blijft-sterk/

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