Grayscale: Bitcoin price may have formed a stable bottom in the $65,000 to $70,000 range.

CoinFeed reported on April 22 that Zach Pandl, Head of Research at Grayscale, noted in a recent report that Bitcoin's price has rebounded more than 20% to approximately $76,000 since hitting a low of around $63,000 on February 5, slightly above the average cost basis for recent buyers. Because the Bitcoin blockchain is completely transparent, the cost basis of each transaction can be tracked. Analysts typically focus on the "actual price" metric, which is the weighted average price of the token's last move on-chain. With an actual price of approximately $74,000 for Bitcoin traded over the past one to three months, it means recent buyers have returned to their break-even point. If Bitcoin's price rises further in the coming days, more recent buyers will turn profitable, potentially marking the beginning of the first phase of a bull market.