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According to ARK Investment’s Bitcoin Monthly report analysis, Bitcoin showed signs of bottoming out in September. The investment firm led by Kathy Wood releases monthly updates on the cryptocurrency space.
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Last month, Bitcoin found resistance at the 200-week moving average of $23,500 and support above the investor cost base of $19,000. And the price of BTC has oscillated between two key levels for most of the month, as the supply of the world’s largest long-term cryptocurrency holder hits a record high of 13.7 million BTC. . This represents approximately 71.5% of the total outstanding supply.
Bitcoin’s short-term holder cost base fell below its long-term holder cost base for the first time since late 2018. This usually indicates a strong bottom in the market. According to ARK, as speculation dwindles, it could be a sign of short-term holders surrendering or aging into long-term holders. It suggests that it is much stronger than current prices suggest.
However, the Federal Reserve announced a third rate hike of 75 basis points to keep inflation in check. A stronger dollar from tightening policies has a negative impact on risk assets. And the uncertain macro environment will continue to weigh on risk assets, including cryptocurrencies.
Regarding the Ethereum merger, ARK says it was a success and the recent price action appears to be a “selling the news” event. may face greater regulatory scrutiny from
Follow Harrison Miller on Twitter for stock news and updates. @IBD_ Harrison
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