Economic uncertainty looms large, with investors anxiously watching interest rates and economic data for clues about the future. In this climate, Bitcoin advocate Michael Saylor, co-founder and chairman of MicroStrategy, has reiterated his strong belief in the cryptocurrency. Saylor calls Bitcoin the "orange pill," a reference to a fundamental shift in financial perspective, a cure for economic ills.
This comes as Bitcoin finds itself in a period of consolidation, trading between $56,500 and $73,777 for several months. Bulls are looking to keep the price above $56,000, a critical support level. If they succeed, Bitcoin may target $70,000. However, a drop below $56,000 could send it down to $50,000. The key resistance to watch is $64,800. A break above this level signals weakness from the bears and a potential rally to $70,000.
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