{"id":29231,"date":"2024-09-14T15:00:11","date_gmt":"2024-09-14T12:00:11","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29231"},"modified":"2024-09-14T11:56:54","modified_gmt":"2024-09-14T08:56:54","slug":"ark-invest-bitcoin-needs-to-hold-key-support-levels-to-sustain-bullish-momentum","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/ark-invest-bitcoin-needs-to-hold-key-support-levels-to-sustain-bullish-momentum\/","title":{"rendered":"ARK Invest: Bitcoin Needs to Hold Key Support Levels to Sustain Bullish Momentum"},"content":{"rendered":"

According to most recent research by ARK<\/strong> Invest<\/strong>, on-chain condition of Bitcoin<\/strong> is still strong despite with recent price fluctuation. Following its August 2024 price drop of 8.7%, finishing at $58,972, the study indicates that Bitcoin has two main support levels: $52,000 and $46,000. Moreover, the top cryptocurrency has not been able to surpass its 200-day moving average, hence these support regions are rather important for continuous momentum rise.<\/p>\n

Although Bitcoin<\/strong> is under temporary pressure, ARK<\/strong> Invest<\/strong> adds that, considering important indicators including network security, utilization, and holder behavior still good, its overall on-chain condition is “net positive.” While locked supply has witnessed change MoM and YoY, long-term holders specifically have raised their supply by 3.3% month-over- month (MoM). The transaction volume of the network has dropped 24.5% MoM and 2.3% YoY even if this negative signal does not balance the overall favorable on-chain data.<\/p>\n

The study of ARK<\/strong> Invest<\/strong> underlines even more the short-to- long liquidation dominance of Bitcoin. When comparing short-term liquidations to long-term liquidations, the metric\u2014which indicates lowest since Q2 2023\u2014helps to especially reinforce the optimistic view of Bitcoin.<\/p>\n

According to the estimated cost basis of US spot exchange-traded-fund (ETF) participants in the research, ETF investors could be at loss more than the price of Bitcoin currently. This emphasizes how obviously different buyers of ETFs are from market price of Bitcoin.<\/p>\n

Though institutional investors\u2014including big companies like Goldman Sachs and Morgan Stanley\u2014have shown great interest in Bitcoin ETFs, Ethereum ETFs have not yet drawn the same attraction.<\/p>\n

With a market capitalization of $1.14 trillion and trading for $60,035 currently, Bitcoin shows a 3.45% rise in recent 24 hours. Future price movement will depend on the capacity of the bitcoin to sustain important support levels.<\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i>Telegram, <\/span><\/i><\/a>YouTube<\/span><\/i><\/a>, and <\/span><\/i>Twitter<\/span><\/i><\/a> channels for the latest <\/span><\/i>news<\/span><\/i><\/a> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

According to most recent research by ARK Invest, on-chain condition of Bitcoin is still strong despite with recent price fluctuation. Following its August 2024 price drop of 8.7%, finishing at $58,972, the study indicates that Bitcoin has two main support levels: $52,000 and $46,000. Moreover, the top cryptocurrency has not been able to surpass its<\/p>\n","protected":false},"author":6,"featured_media":5894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,657,1],"tags":[1877,61,477],"class_list":["post-29231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-en","category-genel","tag-ark-invest","tag-bitcoin","tag-bitcoin-analysis"],"yoast_head":"\nARK Invest: Bitcoin Needs to Hold Key Support Levels to Sustain Bullish Momentum - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/ark-invest-bitcoin-needs-to-hold-key-support-levels-to-sustain-bullish-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARK Invest: Bitcoin Needs to Hold Key Support Levels to Sustain Bullish Momentum - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"According to most recent research by ARK Invest, on-chain condition of Bitcoin is still strong despite with recent price fluctuation. 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