Bitcoin demand returns, giving bulls fuel to turn $72K to support
Why it matters: Bitcoin's ability to hold the $70,000-$72,000 zone will determine if buyers can sustain the current rally.
- Bitcoin (BTC) rallied above $72,000, with order book and derivatives data indicating a strong return of buyers to the market.
- Spot market demand has strengthened, with the 30-day spot net volume delta turning positive on both Binance ($43.2 million moving average) and Coinbase ($13.88 million moving average) after February's selling.
- Derivatives data from CryptoQuant shows Binance's cumulative volume delta (CVD) increased by $3.3 billion in April to $5.6 billion, reflecting a surge in taker-buy volume following BTC's dip below $65,000.
- Short-term holder capitulation was only about 3,000 BTC after the recent rally to $72,000, significantly less than the 26,000 BTC and 31,000 BTC sold during previous failed attempts to reclaim this resistance.
- Bitcoin’s net realized profit/loss seven-day moving average has recovered from -$2 billion to -$109 million, nearing a positive bias for the first time since January 22, indicating reduced realized losses and a more balanced market.
Bitcoin (BTC) has surged above $72,000, fueled by a significant return of buyer demand in both spot and derivatives markets, with key exchanges like Binance and Coinbase showing positive net volume deltas after persistent selling in February. This rally is testing the critical $72,000 resistance, a level that previously triggered sharp sell-offs from short-term traders, but current data suggests reduced selling pressure and stabilizing profitability metrics, indicating a potentially more sustainable upward trend.
