Michael Saylor Stuns With BTC Statement as Bitcoin Returns to Green

Bitcoin (BTC) is back in the green, and Strategy cofounder Michael Saylor has once again sparked a buzz with a bold BTC statement.

In a two-word tweet, Saylor wrote, "Try BTC," while sharing a chart showing the U.S. dollar gaining strength against the Turkish lira. His tweet appears to highlight Bitcoin as a hedge against currency devaluation.

Michael Saylor has been one of Bitcoin's most ardent supporters, repeatedly touting it as a superior store of value compared to fiat currencies. His most recent tweet underscores the notion of Bitcoin as a hedge against inflation and currency depreciation, particularly in economies experiencing rapid devaluation.

Yesterday, Strategy announced its plans to sell $500 million of dollar-denominated perpetual preferred stock. The enterprise software company, formerly known as MicroStrategy, plans to use proceeds for general corporate purposes, such as the acquisition of Bitcoin and operating capital.

On Monday, Strategy said it purchased $10.7 million in Bitcoin, a week after announcing its intention to issue up to $21 billion in preferred shares to acquire more BTC.

Bitcoin price rebounds

Bitcoin rebounded to highs of $84,330 in the early Wednesday session as traders awaited the outcome of the Federal Open Market Committee (FOMC) meeting.

At press time, BTC was up nearly 2% in the last 24 hours to $83,934, reaching intraday highs of $84,358 ahead of the FOMC, where traders expect rates to be unchanged. Some suggest the $80,000 mark should be monitored since a break below it would imply the loss of a major support level.

The FOMC decision could either spark a recovery, if dovish, or prolong the decline if hawkish, with Bitcoin's short-term direction linked to macroeconomic signals.

According to Glassnode, the Bitcoin market is still adjusting to its new price range following a 30% fall. Liquidity levels are also falling in both on-chain and futures markets. Furthermore, long-term holders remain passive, confirming a sluggish market and sideways price activity.