TechFlow reported that ARK Invest, led by Cathie Wood, released a monthly report stating, "During August, Bitcoin's price declined 8.7% to $58,972. At the end of August, Bitcoin failed to break above its 200-day moving average and short-term holder cost basis, which stood at $63,693 and $63,245 respectively. Currently, Bitcoin’s most significant price support levels are $52,000 and $46,000."
"The decline in Bitcoin’s price during 2024 aligns with corrections observed during previous major bull market trends."
"As of the end of August, the estimated cost basis of investors in U.S. spot Bitcoin ETFs has moved above the current Bitcoin price, indicating that ETF holders are on average facing losses."
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