ARK Invest Report: Bitcoin Key Support Levels Identified at $52,000 and $46,000

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Bitcoin's August price decline mirrors historical bull market adjustments, with support levels at $52,000 and $46,000. Despite short-term losses for ETF holders, Bitcoin's long-term trajectory remains positive, as indicated by its MVRV Z-score.

According to BlockBeats, on September 13, ARK Invest, led by Cathie Wood, released its monthly report indicating that Bitcoin's price fell by 8.7% in August, reaching $58,972. By the end of August, Bitcoin failed to surpass its 200-day moving average and the short-term holder cost basis, which were $63,693 and $63,245, respectively. Currently, the most significant price support levels for Bitcoin are $52,000 and $46,000.
﻿The decline in Bitcoin's price in 2024 aligns with adjustments seen in major trends during historical bull markets. As of the end of August, the estimated cost basis for U.S. spot Bitcoin ETF investors was higher than Bitcoin's price, indicating that ETF holders are, on average, facing losses.
Bitcoin's MVRV Z-score, a cyclical indicator comparing Bitcoin's market value to its cost basis, has remained above its mean since its inception. This suggests that Bitcoin's long-term upward trend is temporarily confirmed.