Summary
- Bitcoin may have formed a bottom near $63,000.
- Bitcoin's move above about $74,000, the average purchase price for investors, was viewed as a positive sign because it recouped losses.
- A decline in Bitcoin holdings on exchanges and increased buying by major financial institutions could limit downside pressure on prices.
Forecast Trend Report by Period
Bitcoin may have found a floor near $63,000, supported by improving on-chain indicators.
Crypto news outlet The Crypto Basic reported on April 22 that Jack Phan, head of Grey Research, said recent buyers have moved back into profit, signaling a possible bottom.
Phan also called it a positive sign that Bitcoin has risen above about $74,000, the average purchase price for investors, recouping prior losses.
He cited a continued decline in Bitcoin holdings on exchanges as another factor tightening supply.
In addition, increased Bitcoin buying by major financial institutions has contributed to a shortage of coins available in the market, the report said.
Market participants are focusing on whether stronger on-chain indicators and rising institutional demand will help limit further downside in prices. Supply-demand trends and the durability of buying momentum remain the key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
