Bitcoin (BTC) pushed above $72,000 on Tuesday as spot order books and derivatives metrics signaled renewed buyer interest.
Bulls must first hold the $70,000 zone to sustain any further advance, but prior rallies stalled when short-term traders sold into strength. Whether this leg differs depends on whether demand can absorb available supply.
Bitcoin spot demand remains positive
BTC remained above $71,300 on Wednesday after a multi-day strengthening of spot demand. Exchange order flow shows investors shifting toward accumulation.
The 30-day spot net volume delta, which measures net market buys minus sells, has turned positive on both Binance and Coinbase after heavy selling in February. Binance’s 30-day net volume moving average sits at $43.2 million and Coinbase’s at $13.88 million, reflecting a coordinated change across major venues.
Derivatives data corroborate the move. Binance’s cumulative volume delta (CVD) rose to $5.6 billion on Wednesday, up about $3.3 billion during April. The CVD, tracking net aggressive buy versus sell orders, climbed after Bitcoin’s drop below $65,000 on March 30 and indicates increased taker-buy activity. Current cumulative net taker volume on Binance is the strongest since early February, when CVD was near $74 million, suggesting greater buyer conviction than during the prior consolidation.
$72,000 is Bitcoin’s line in the sand
The $72,000 area remains a key short-term boundary. Since Feb. 4 the level has acted as resistance, with failed reclaims on March 4 and March 16. During those prior rallies short-term holders sold roughly 26,000 BTC and 31,000 BTC, respectively, capping upward moves.
This time appears different: after Tuesday’s ascent to $72,000, short-term holder capitulation totaled nearly 3,000 BTC—far less selling pressure than in previous attempts. That reduced urgency to liquidate positions suggests sellers are less aggressive at current levels.
Profitability metrics are also stabilizing. Bitcoin’s net realized profit/loss seven-day moving average is about -$109 million, recovering from a -$2 billion trough on Feb. 7 and nearing a positive bias for the first time since Jan. 22. Taken together, lower short-term selling and rising realized profits point to a more balanced market where buyers are absorbing supply.
For a bullish expansion, this trend must continue and bids need to defend the $70,000–$72,000 range in the coming days. If buyers can hold that zone, the path toward further upside becomes clearer.
This article is for informational purposes only and does not constitute investment advice. All trades carry risk; readers should conduct independent research before acting.