Bitcoin experienced a decline of 13% in August, reaching a value of $48,800 by August 5. Despite the recent downturn, long-term option data indicates a positive outlook for the cryptocurrency. This suggests that investors remain optimistic about Bitcoin's future performance.
The decline in price has not overshadowed the underlying bullish trend, as evidenced by the long-term option data. This trend suggests that Bitcoin could rebound and continue its upward trajectory in the coming months.