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Michael Saylor, cofounder and executive chairman of MicroStrategy, has stirred the crypto community again with his statement, "working for Bitcoin."

Saylor's tweet highlights his commitment to Bitcoin, a stance he has held since MicroStrategy began acquiring the cryptocurrency in 2020. The company's market worth has surged from $1.5 billion to over $40 billion in four years, largely due to its Bitcoin strategy.

His assertion of "working for Bitcoin" suggests a deeper involvement in the Bitcoin ecosystem beyond corporate investments, indicating a commitment to promoting cryptocurrency adoption. This statement implies that Saylor views Bitcoin not merely as an asset, but as a movement he actively supports and advances.

Bitcoin Price Action

Bitcoin soared to a high of $69,498 on Monday, following several days of gains, breaking through multiple key levels based on technical and on-chain inputs, marking one of the first signs of upward momentum since late June.

This rise saw Bitcoin overcome the combined barrier of the 200- and 111-day moving averages, prompting typical responses from investors. Open Interest in perpetual and fixed-term futures contracts reached a historic high of $32.9 billion this week, indicating significant rise in leverage entering the system.

Notably, the 365-day SMA has traditionally functioned as either support or formidable resistance at macro market inflection points. Recently, it acted as strong support, a key level anticipated to be monitored in upcoming days. As of the latest update, BTC has decreased by 1.72% to $66,428.

Traders express concerns over the possibility of the central bank delaying interest rate cuts, despite the Fed's forecast for an additional half-point reduction by year-end. All eyes will be on the latest comments from Fed officials on Wednesday.

This article was originally published on U.Today