MicroStrategy Buys $242.9M Worth of Bitcoin. Golden Cross Soon?

MicroStrategy Buys $242.9M Worth of Bitcoin
  • MicroStrategy has bought an additional 5,050 BTC for $242.9 million.
  • The crypto market recently experienced another dump in September.
  • A potential Golden Cross is forming.

Bitcoin’s foremost institutional backer MicroStrategy announced that it has purchased an additional 5,050 bitcoins for $242.9 million in cash. According to CEO Michael Saylor, each BTC was purchased at an average of $48,099 per piece.

Currently, the firm is now holding and managing a total of 114,042 bitcoins, which would amount to about $5 billion at the time of writing.

MicroStrategy’s recent Bitcoin buy was welcome news within the crypto community, as the market is currently under bear territory. As many have predicted, September is well known as a dump month.

BTC/USDT 1-day chart (source: TradingView)

As seen on the chart above, Bitcoin crashed heavily to from almost $53,000 to $42,600 in a day. The price has yet to regain the $45,000 level. Meanwhile, the 50-day Simple Moving Average (SMA) may rise above the 200-day SMA, which indicates a Golden Cross. For trading circles, this sign is considered very bullish.

At the time of writing, Bitcoin price is at $44,522.84, according to CoinGecko.

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