Bitcoin 'make or break moment' hangs on $46K BTC price support — Research
BTC price weakness leaves just two lines of defence nearby, ARK Invest warns, while Bitcoin spawns underwater investors.
BTC price preserves “most important” floor levels
Bitcoin has failed to bounce significantly after finishing August down nearly 9%, ARK Invest summarizes, and there is plenty for bulls to worry about.
BTC/USD is no longer respecting classic bull market support levels in the form of its 200-day moving average and short-term holder cost basis, defined by the report as $63,693 and $63,245, respectively.
Bitcoin bear market risk
Despite the gloom, positive aspects of the current market landscape have emerged.
Related: Is crypto entering a bear market? — 5 Things to know in Bitcoin this week
ARK points to BTC price drawdowns sticking to historical norms, low levels of short-term holder liquidations and favorable macroeconomic conditions among the reasons for optimism.
Bitcoin MVRV Z-score, which compares market cap to its cost basis, also remains in “bull market territory.”
“At the close of August, the MVRV Z-Score was 1.6, relative to its mean at 1.42,” the report explains.
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