Bitcoin’s price has already formed a permanent market bottom to set the stage for an early bull market phase, according to Grayscale’s research head and former Goldman Sachs strategist. On-chain data is flashing bullish signals for further upward momentum.
Bitcoin BTC reached a 3-month high of $78,417 today as oil prices fell below $90 per barrel after President Donald Trump extended the ceasefire between the US and Iran.
Bitcoin Price Hits $65,000-$70,000 Range: Grayscale Research
In new Stack articleZach Bandel, head of research at Grayscale Research, highlighted on-chain data showing recent buyers returning to breakeven after a more than 20% rally from February lows of $63,000.
The realized price of BTC moved over the past 1-3 months is currently close to $74,000, indicating that short holders are no longer in the red. It signals an easing of selling pressure and a shift in investor sentiment, confirming a bottom in the $65,000-$70,000 range, Grayscale’s research head asserts.
While Bitcoin’s price is still well below its peak in October 2025, the recent bullish momentum is in line with patterns seen at the beginning of previous bull market phases.
“If Bitcoin price rises further in the coming days, new buyers will move into positive P&L, which could be an indicator to identify the first phase of a bull market,” Zach Bandel, head of Grayscale Research, predicted.
Major bull market indicator turns neutral for the first time in a bear market: CryptoQuant
Julio Moreno, Head of Research at CryptoQuant, echoed the bullish sentiment, noting that the Bitcoin Bull indicator has entered neutral territory for the first time in this bear market.
However, he warned that the bullish result entered the neutral zone for about a week in March 2022. A week later, the Bitcoin price resumed its decline. However, the current bullish sentiment comes amid broader signs of stabilization.
Meanwhile, 10x Research highlighted the key difference as negative funding rates and low trading volumes kept the bear case alive, but the April spot price Inflows from Bitcoin ETFs indicate an upside.
Investor accumulation appears earlier in the cycle than in the previous two recoveries. “Although it appears that MicroStrategy is the only institutional buyer, this is no longer the case. The on-chain evidence is unequivocal on this point,” she added.
Moreover, the Bitcoin price recovery is occurring amid rising US Federal Reserve liquidity. BTC has broken above analyst Benjamin Cowen’s bearish market resistance range on the weekly chart. It is a major artistic level that has undergone historically significant transformations.
Here is the US Federal Reserve’s total assets.
Note: There was no Bitcoin central collapse and bear market. There was a drain on liquidity in the US and quantitative easing was resumed. Bitcoin followed US liquidity. The same applies to all assets. https://t.co/bcXhFM9mjy pic.twitter.com/mxAROmZdQH
– Marty Party (@martypartymusic) April 22, 2026
Bitcoin price rises as Trump extends the ceasefire between the United States and Iran
Bitcoin’s price jumped nearly 3% today, and is currently trading at $77,990. The 24-hour low and high are $74,852 and $78,417 respectively. Moreover, trading volume has increased by 14% in the past 24 hours, indicating high interest among traders. As previously reported by CoinGape Markets, Bitcoin is expected to arrive The 100-day simple moving average is at $87,735.
This happened when President Donald Trump extended it Ceasefire between the United States and Iran. The US will allegedly postpone its planned attack on Iran to allow time for its leaders to make a proposal.
He added that the US Navy will continue to blockade the Strait of Hormuz. Oil prices fell below $90 per barrel as the ceasefire was extended.
CoinGlass data showed massive buying in the derivatives market, leading to a rebound in Bitcoin prices. At the time of writing, total open interest in Bitcoin futures jumped nearly 6% to $59.53 billion over the past 24 hours. BTC 4-hour OI futures rose 5%, up nearly 1% on CME and 6% on Binance. This indicates bullish sentiment among derivatives traders.
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