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Given the recent decline in Bitcoin price, MicroStrategy Chairman Michael Saylor has emphasized the importance of maintaining perspective and focus in the face of market fluctuations. Bitcoin peaked at $73,798 in mid-March but has since corrected by around 13%, rising 1.34% to $64,335 in the last 24 hours.
Bitcoin fell earlier this week from a high of $67,225 reached on April 23. The recent drop in Bitcoin price has raised concerns, with the cryptocurrency briefly falling to $62,747 before recovering.
With this in mind, Saylor recommends the crypto community to “keep your eye on the ball,” indicating a long-term perspective amid short-term volatility.
Bitcoin sank to a low of $62,747 in Thursday trading as bullish Bitcoin traders appeared to reduce their bets on the world's largest cryptocurrency. The Bitcoin funding rate, which represents the premium paid by traders to open new long positions in the token's perpetual futures market, has fallen negatively for the first time since October 2023.
Buyer enthusiasm for the leading cryptocurrency appeared to be waning, partly due to expected delays in the Federal Reserve's rate cut.
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Similarly, investors withdrew a net $218 million from U.S. Bitcoin exchange-traded funds, one of their largest daily outflows, as demand for risky assets was dampened by fading optimism about Fed rate cuts.
As the dust settles on Bitcoin's recent price action, Michael Saylor's words resonate with those looking beyond the immediate horizon. “Keep your eye on the ball” seems to be a mindset for navigating the volatile waters of cryptocurrencies.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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