An analysis suggests that Bitcoin formed a bottom at $63,000 on February 5th. According to CryptoBasic, Zach Pandl, Head of Grey Research, suggested the possibility of a bottom formation based on recent on-chain indicators showing buyers entering profit zones. The media outlet explained, "BTC recovered losses by surpassing their average purchase price of $74,000. Furthermore, the amount of Bitcoin on exchanges is continuously decreasing. Large financial institutions are also absorbing a significant amount of Bitcoin, leading to a shortage of supply."
