Bitcoin Loses $71,000, Bitcoiner Michael Saylor Reacts

On Tuesday, the leading cryptocurrency on the market, Bitcoin, managed to recover the crucial $71,000 level. However, over the past day, BTC has failed to hold above this level and is moving within the $69,900 range at the moment.

Saylor’s fundamental Bitcoin message

Michael Saylor is the founder of business intelligence giant MicroStrategy, which has been extending its bet on Bitcoin over the past four years. In August 2022, Saylor stepped down from his chief executive position to remain the company’s executive chairman and is in charge of the company’s BTC strategy. It happened exactly four years after thd company began its regular BTC purchases.

By now, MicroStrategy has already succeeded in accumulating a whopping 214,400 BTC valued at over $7.5 billion in the fiat equivalent.

On May 21, Saylor posted a tweet with a fundamental Bitcoin message, where he likened the conventional financial system spread around the globe to the Matrix from the Wachowskis’ iconic movie. He believes Bitcoin can help people get out of this Matrix.

Escape the Matrix. #Bitcoin pic.twitter.com/CDXkfUF8oQ

— Michael Saylor⚡️ (@saylor) May 21, 2024

He posted the tweet after the flagship cryptocurrency lost 2.20% over the past 24 hours as it declined from above $71,000 to the $69,800 level, where it is changing hands at press time.

In the meantime, popular cryptocurrency trader and analyst Ali Martinez has tweeted that BTC is currently facing minimal resistance on the chart. He suggests that traders should watch the key supply zone between $70,180 and $70,600; at these levels, 273,000 Bitcoins were accumulated by more than 450,000 wallets. Martinez reckons that “the odds are in favor of the bulls.”

BlackRock sees highest inflows in past month

According to data provided by the @spotonchain analytics account, on May 21, spot Bitcoin ETFs encountered significant inflows that had not been seen for a long time. Cumulatively, these funds scooped up more than $307 million worth of Bitcoin.

So far, net inflows have remained positive for seven trading days in succession. That is a strong inflow, the data source stressed. BlackRock fund saw a daily inflow of $291 million as a result of a rebound, and that was the biggest one for it over the past 32 trading days.

As for Grayscale, it saw zero BTC coming in after four consecutive days of nonstop inflows.

🚨 $BTC #ETF Net Inflow May 21, 2024: +$307M!

• The net inflow has been positive for 7 consecutive trading days (strong inflow 🔥)

• The single-day inflow of #BlackRock (IBIT) rebounded to $291M, the highest level in the past 32 trading days.

• #Grayscale (GBTC) experienced… pic.twitter.com/ZlqbZ3dcec

— Spot On Chain (@spotonchain) May 22, 2024

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