According to BlockBeats, on September 13, Cathie Wood’s ARK Invest released a monthly report stating that “During August, the price of Bitcoin fell 8.7% to $58,972. At the end of August, Bitcoin failed to break through its 200-day moving average and short-term holders’ cost basis, which were $63,693 and $63,245, respectively. Currently, the most important price support levels for Bitcoin are $52,000 and $46,000.
The drop in Bitcoin prices in 2024 is consistent with corrections during historical bull market primary trends.
As of the end of August, the estimated cost basis of U.S. spot Bitcoin ETF investors was higher than the price of Bitcoin, indicating that ETF holders faced losses on average.
Bitcoin’s MVRV Z-score — a cyclical metric comparing Bitcoin’s market capitalization to its cost basis — has remained above its mean since launch, suggesting that Bitcoin’s long-term uptrend is tentatively confirmed.”
