Bitcoin (BTC) rebounded above $76,000 on Tuesday, after the spot market demand on Coinbase exchange saw a second week of bullish volume trends.
Net spot buy volume has climbed sharply over the past 15 days, signaling sustained strength from bulls, but will BTC be able to turn the $75,000 level into a long-term support level?
Coinbase demand keeps spot volumes trending higher
The aggregated spot cumulative volume delta (CVD) continues to trend higher, rising to $517 million on Tuesday, up from $55 million on April 17. The broader CVD across spot and futures is above $8.5 billion, with BTC price consolidating just below $77,000 following Monday’s recovery.
The buy-side remained elevated and flat, with no clear distribution or selling over the past 24 hours. BTC has held firm while spot demand has absorbed selling pressure, keeping the upward slope in CVD intact.
The funding rates are slightly negative at -0.003%, indicating traders are still leaning bearish, which may trigger a squeeze toward the upside.
Crypto analyst Ardi noted that Coinbase activity has played a larger role in BTC’s 12% recovery in April. “Coinbase premium has been doing more of the work in this range than people realize,” Ardi said, pointing to past rallies that aligned with sustained positive premiums.
The premium, currently at 0.05, now serves as an early signal of demand strength. Ardi explained that a flattening or shift back into negative territory would point to thinning order books, which may slow down bullish price action.
Related: Bitcoin risks losing $70K as Strategy’s STRC slips below $100
Should traders expect $88,000 in May?
From a technical standpoint, Bitcoin printed a bullish engulfing candle on Monday, reversing the 2.5% dip on Sunday and signaling renewed strength. The price also moved back above the 100-day exponential moving average (EMA) after last week’s first retest of the level in more than four months.
On the higher time frame, Bitcoin continues to form higher highs and higher lows, keeping the trend intact. The focus now is on how the price behaves around $75,000, which could serve as a key inflection point.
Liquidity remains concentrated below, with about $2.8 billion in cumulative leveraged positions between $73,000 and $75,000, forming a support range. The overhead supply near $76,000 to $78,000 stands at around $1.8 billion in short leveraged positions.
MN Capital founder Michaël van de Poppe said the recent pullback aligns with a typical weekend pattern, with risk appetite returning as the markets reopened on Monday.
The analyst pointed to easing volatility and last week’s $1 billion in inflows into exchange-traded funds (ETFs) as supportive factors.
Van de Poppe added that continued strength near resistance could open the door to a move toward the $85,000 to $88,000 range in May, if broader conditions remain unchanged.
Related: VIX drops 45% in three weeks: Is Bitcoin price ready to retake $80K?
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