Michael Saylor Reacts to BTC Price Drop With Urgent Warning

Cover Image via U.Today

Amidst the current decline in the Bitcoin price, Michael Saylor, co-founder and chairman of MicroStrategy, has issued a concise and powerful message that has resonated with the crypto community. In a tweet, Saylor unequivocally stated:

"You do not sell your Bitcoin."

-- Michael Saylor⚡️ (@saylor) September 6, 2024

Saylor's message comes at a time of uncertainty in the market, when some investors may be tempted to sell. However, given the current market sentiment, panic selling driven by fear and anxiety can lead to hasty asset liquidations.

The recent gain in the cryptocurrency markets following Friday's U.S. jobs release was quickly reversed in volatile trading. Bitcoin (BTC), the largest cryptocurrency by market cap, dropped to its lowest level in a month.

After soaring briefly above $57,000, Bitcoin reversed its gains and fell below $54,000, its lowest level since August 5.

Early Saturday's trading saw mixed price action in the crypto market, with Bitcoin down 3% in the past 24 hours to $54,360. Other major cryptocurrencies also traded in the red, including Ethereum, Dogecoin, and Pepe, which reported losses of nearly 4%.

The price movement triggered almost $292 million in liquidations within the last 24 hours on crypto derivatives markets, as volatility caught leveraged traders off guard, according to CoinGlass data.

Indicators and Analyst Insights on BTC Price

• Julio Moreno, head of Research at CryptoQuant, suggests Bitcoin's performance may be due to a lack of demand growth.
• CryptoQuant CEO Ki Young Ju notes that Coinbase's Bitcoin spot trading volume dominance has returned to pre-spot ETF levels.
• Crypto analyst Ali Martinez observes that the Accumulation Trend Score is approaching 0, indicating market participants are neither accumulating nor distributing Bitcoin significantly.