As the price of a certain cryptocurrency unit drops to $37,700 at the time of writing, this decline, which comes with good news, brings to mind only one name. MicroStrategy has bought Bitcoin again, and the classic BTC drop has now begun. However, it should not be forgotten that these declines have remained fake movements in the past.
Bitcoin Breaking News
According to an announcement made a few minutes ago, MicroStrategy purchased 16,130 BTC for $593.3 million at an average cost of $36,785 per Bitcoin. As of today, MicroStrategy holds 174,530 BTC valued at $5.28 billion with an average cost of $30,252 per BTC. Michael Saylor, who has transformed the MSTR stock into a de facto spot Bitcoin ETF, continues his persistent buying despite the rising prices.
We had written in the past that these buying points were extremely successful in identifying local bottoms and that the price reached new highs after the company’s purchases. If the same happens again, the BTC price might surpass the tough $40,000 resistance level.
You see the classic drop following the news in the chart. This has become a joke among investors and occurs after every purchase.
- MicroStrategy’s Bitcoin buy influences the market.
- Buying strategy could predict Bitcoin’s bottoms.
- Investor response turns into a recurring joke.
