Grayscale Says Bitcoin Has Established $65,000–$70,000 Floor as Early Bull-Market Signals Emerge

Asset manager Grayscale assesses Bitcoin’s market cycle by tracking short-term holders’ cost basis and profitability. These buyers are especially prone to creating selling pressure during downturns, making a full recovery in their positions an important gauge of whether the market is shifting from a defensive stance toward greater risk appetite and entering the early stages of a new bull market.

According to reports compiled as of July 20, 2026, Grayscale said Bitcoin’s rebound to $76,000 had brought all short-term buyers back into profit, with signals of the bull market’s first stage beginning to emerge. Its analysis also found that the $65,000–$70,000 range had formed a solid floor and that market sentiment was gradually turning optimistic.