Bitcoin's August Performance Reflects Historical Trends, Says ARK Invest

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.