Analyst: Bitcoin Returns to Key Cost Line, Short-Term Buyers Mostly Break Even

According to data disclosed by Grayscale analyst Zach Pandl, Bitcoin has rebounded over 20% from its low of around $63,000 in early February. The current price is approximately $76,000, slightly above the average cost (realized price) of about $74,000 for buyers from the past 1 to 3 months. This means most short-term investors have returned to the break-even range.

Analysis suggests that if the price rises further, more recent buyers will enter a profitable state, which is often seen as one of the important signals in the early stages of a bull market. However, Bitcoin remains below its high from October last year. Market views indicate that this round of recovery may have formed a relatively solid interim bottom in the range of $65,000 to $70,000.