Bitcoin short-term holders capitulate as data highlights potential generational buying opportunity
Bitcoin’s current price action leaves much to be desired, but multiple indicators point to what could be a generational buying opportunity for patient investors. Bitcoin (BTC) price action suggests that the asset remains in a precarious position and a recent report from ARK Invest said that short-term Bitcoin investors had no choice but to capitulate in August as the percentage of Bitcoin supply in profit fell by 14 percentage points. Bitcoin market sentiment and monthly valuation change in August. Source: ARK Invest Although many traders view significant price dips as buying opportunities at this point in the Bitcoin halving cycle, a notable bearish move was Bitcoin’s price falling below its 200-week moving average for the first time since June 2023. As shown in the chart below, the 200-WMA generally acts as a key support level during major downtrends and ARK suggests that any future bearish catalysts could see BTC price fall as low as $20,300 where its realized price currently r...