MicroStrategy goes for a fresh batch of Bitcoin, buying the dip. Again.

Key MicroStrategy Takeaways:

• MicroStrategy announced the purchase of 5,045 additional BTC coins.
• In the meantime, Bitcoin continued to trade in a descending channel.
• MSTR stock price might have benefitted from the BTC purchase

YEREVAN (CoinChapter.com) – Michael Saylor, the chief executive of business intelligence company MicroStrategy, announced a new Bitcoin purchase (5,050 BTC), worth approximately $240 million. Meanwhile, the alpha crypto dipped below $45,000 and stood at $44,045 ahead of the New York session Monday.

In hindsight, the company is famous for its early support of the flagship crypto. The romance between MicroStrategy and Bitcoin started back in August 2020. Since then the two became inseparable and the bond grew stronger with more and more purchases. As of the moment, the company holds 114,042 BTC coins.

Also read: MicroStrategy stock falls 3.5% after it acquires $177M worth of additional Bitcoin

While some experts applauded Mr. Saylor’s decision to purchase additional Bitcoin, other followers questioned his judgment. Anthony Pompleano, a millionaire entrepreneur and an outspoken crypto supporter, voiced his approval.

However, one of the followers pointed out MicroStrategy’s high dependency on Bitcoin and called the company a disaster waiting to happen.

As the last follower mentioned, Mr. Saylor managed to multiply his company’s net worth after buying Bitcoin. However, he declared that his stance on crypto does not depend on the bullish or bearish price action and that he’s in it for the long run.

Bitcoin has done wonders for our brand. It elevated our brand by the factor of 100. Obviously, it has made our shareholders billions of dollars over the past twelve months. […] It’s enormously appealing for people who are looking for economic security right now.

commented the CEO.

Also read: Bitcoin dips on death cross alert and dollar rally; is it a buying opportunity?

Meanwhile Bitcoin…

… continued to consolidate in a pattern dubbed the descending channel. The line connecting the swing highs constituted the resistance trendline of the channel and the swing lows connected into the support. The parallel trendlines contained the price action while driving it lower. The pattern was more visible on the four-hour chart.

Moreover, the alpha crypto might face a death cross between the 20-day exponential moving average (EMA-20) and the 50-day simple moving average (SMA-50) in the upcoming sessions. In hindsight, the death cross occurs, when any short-term MA crosses below a long-term MA.

It is a bearish formation, that signifies further losses ahead unless the MAs restore the reverse order.

While buying the dip is an attractive option for MicroStrategy CEO, the stock of the company (MSTR) that declined for the past week, finally saw a green candle again. Whether the BTC purchase played its role is not clear, but the MSTR value gained 4.5 percent and stood at $624 in the New York session Monday.

Also read: MicroStrategy stock MSTR primed to rally, says top executive