Bitcoin repeats key bear market move as $19,000 becomes key BTC price zone

The cost base for investors is an important objective for ARK Invest, as part of an ongoing "arm wrestling" on Bitcoin bear market in 2022.

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Bitcoin (BTC) holding $19,000 could be bigger than traders think, new data reveals.

In the latest edition of its monthly report series, “The Bitcoin Monthly,” investment management firm ARK Invest reported on an ongoing battle to defend the cost base for Bitcoin investors.< /p> Bitcoin Investor Cost Basis Supports Market

Bitcoin price action is currently characterized by volatile moves within a clearly defined range of just around $4,000.

Stretched since June, this range contains what immediately stands out as a focal point: the all-time high of the previous $20,000 halving cycle.

With BTC/USD frequently crossing this threshold, however, traders have long searched for alternative lines in the sand when it comes to new trends for the pair.

For ARK and the report's guest contributor, William Clemente, co-founder of Reflexivity Research, it's $19,000, which could be significant support.

This is due to Bitcoin's so-called investor cost basis - the aggregate price at which the supply of BTC was purchased, minus the share held by miners.

For most of September, bitcoin traded between two major historical levels: its 200-week moving average ($23,500) as resistance and its investor cost base as support ( $19,000)," ARK explained.

The price of BTC is now at $19,000, which is the level that, if breached, would cause massive losses across Bitcoin's investor base.

“While the behavior of strong holders combats a weak macro environment, the resolution of either side will play an important role in bitcoin’s near to medium-term performance,” the report adds.

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