Buyers Return To Breakeven

Zach Pandl noted in an Apr. 21 update that Bitcoin rebounded sharply after bottoming near $63,000 on Feb. 5.

On-chain data shows the “realized price” for coins moved in the past one to three months sits around $74,000. This means many recent buyers are now back at breakeven.

Historically, when short-term holders move from losses to breakeven and then into profit, it can signal the early stages of a new bullish phase, as selling pressure tends to ease and confidence gradually returns.

Pandl added that this dynamic points to a potential durable bottom forming in the $65,000–$70,000 range, even though Bitcoin remains below its late-2025 highs.

Key Decision Zone

Benzinga