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Bitcoin regains $76K as Coinbase-driven demand sustains recovery
TL;DR
Bitcoin has rebounded above $76,000, driven by strong spot market demand on Coinbase. The net spot buy volume has significantly increased, indicating bullish trends in the market.
Key points
- Bitcoin rebounded above $76,000
- Coinbase exchange saw increased spot market demand
- Net spot buy volume reached $517 million
- Cumulative volume delta indicates bullish trends
- Market questions Bitcoin's ability to maintain $75,000 support
Mentioned in this story
Coinbase
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.
BTC price, spot, and futures CVD and funding rate. Source: Velo.data
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.
Q&A
What is the current price of Bitcoin as of this week?
Bitcoin is currently priced above $76,000.
How much has the spot buy volume increased on Coinbase recently?
The net spot buy volume has risen sharply to $517 million, up from $55 million on April 17.
What does the increase in cumulative volume delta indicate for Bitcoin?
The increase in cumulative volume delta suggests sustained bullish strength in the Bitcoin market.
Can Bitcoin maintain $75,000 as a long-term support level?
Market analysts are questioning whether Bitcoin can turn the $75,000 level into a long-term support level.
