Bitcoin rallied above $72,000 on Tuesday as spot order books and derivatives readings pointed to renewed buying interest. Bulls must hold the $70,000 zone to sustain gains, but previous rebounds stalled when short-term traders sold into strength. Whether this leg extends depends on buyers’ ability to absorb supply.
Spot demand has firmed over several days. BTC traded above $71,300 on Wednesday after exchange order flow showed investors shifting toward accumulation. The 30-day spot net volume delta — net market buys minus sells — has turned positive on both Binance and Coinbase following heavy selling in February. Binance’s 30-day net volume moving average sits around $43.2 million, while Coinbase’s is about $13.88 million, signaling a coordinated change across major venues.
Derivatives activity backs up the move. Binance’s cumulative volume delta (CVD) climbed to roughly $5.6 billion on Wednesday, increasing by about $3.3 billion during April. The CVD, which tracks aggressive taker buys versus sells, rose after Bitcoin dropped below $65,000 on March 30 and points to heightened 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.
The $72,000 area remains an important short-term threshold. Since Feb. 4 that level has acted as resistance, with failed reclaims on March 4 and March 16. In those earlier rallies, short-term holders sold approximately 26,000 BTC and 31,000 BTC, respectively, capping upside moves.
This attempt looks different: after Tuesday’s ascent to $72,000, short-term holder capitulation totaled nearly 3,000 BTC — far less selling than in prior attempts. That lower liquidation pressure reduces the urgency for positions to be flushed at current prices and suggests sellers are less aggressive around $72,000.
Profitability metrics are improving as well. Bitcoin’s seven-day moving average of net realized profit/loss is about -$109 million, recovering from a -$2 billion trough on Feb. 7 and approaching a positive bias for the first time since Jan. 22. Together, reduced short-term selling and rising realized profits point to a more balanced market where buyers are absorbing available supply.
For a sustained bullish expansion, the trend must continue and bids need to defend the $70,000–$72,000 band in the coming days. If buyers can hold that range, the path toward higher levels becomes clearer; if not, the market may revisit lower support.
This article is for informational purposes only and does not constitute investment advice. All trading carries risk; readers should perform their own research before making decisions.