BTC formed a bottom around $63K, analysis suggests

An analysis suggests that Bitcoin formed a market bottom at $63,000 on Feb. 5. According to The Crypto Basic, Zach Pandl, head of Grayscale Research, pointed to the possibility of a bottom based on on-chain indicators showing that recent buyers have entered profitability. The outlet noted that BTC has recovered losses for these buyers by surpassing their average purchase price of $74,000. It also highlighted the ongoing decline in Bitcoin reserves on exchanges and the significant absorption of BTC by large financial institutions, contributing to a supply shortage.