BTC Crosses $76K Threshold Powered by Strong Coinbase Trading Activity
Bitcoin's push back above $76,000 gains momentum from $517 million in increased spot trading volume on Coinbase, with consistent buying interest offsetting weekend sell-offs.
On Tuesday, Bitcoin (BTC) climbed back past the $76,000 threshold, driven by a second consecutive week of positive volume patterns in spot market activity on the Coinbase platform.
Over the last 15 days, net spot purchasing volume has experienced a sharp increase, demonstrating continued bullish momentum, raising the question of whether BTC can successfully establish $75,000 as a durable support zone going forward?
Strong Coinbase activity drives spot volume growth
The combined spot cumulative volume delta (CVD) maintains its upward trajectory, reaching $517 million on Tuesday from $55 million recorded on April 17. When examining the combined CVD across both spot and futures markets, the figure exceeds $8.5 billion, while BTC price holds steady just beneath $77,000 after Monday's bounce back.
Buying activity remained strong and stable, with an absence of significant distribution or sell-off activity throughout the previous 24-hour period. BTC has maintained its position as spot market demand has successfully neutralized selling forces, preserving the positive CVD trend line.
Current funding rates sit marginally negative at -0.003%, suggesting market participants continue to maintain bearish positions, creating conditions that could potentially trigger an upward short squeeze.
According to crypto analyst Ardi, Coinbase trading activity has been instrumental in driving BTC's 12% recovery during April. "Coinbase premium has been doing more of the work in this range than people realize," Ardi said, highlighting previous rallies that corresponded with periods of sustained positive premiums.
The current premium reading of 0.05 functions as an advance indicator of buying demand strength. Ardi clarified that if the premium levels out or returns to negative values, it would suggest diminishing order book depth, potentially limiting upward price momentum.
Could Bitcoin reach $88,000 next month?
Examining the technical picture, Bitcoin formed a bullish engulfing candlestick pattern on Monday, completely reversing Sunday's 2.5% decline and demonstrating renewed buying power. Price action also crossed back above the 100-day exponential moving average (EMA) following last week's initial test of this indicator in over four months.
Looking at extended timeframes, Bitcoin maintains its pattern of establishing higher peaks and higher troughs, preserving the overall uptrend structure. Attention now centers on price behavior surrounding the $75,000 level, representing a potentially critical decision point.
Available liquidity is predominantly clustered on the downside, with approximately $2.8 billion in aggregated leveraged positions positioned between $73,000 and $75,000, creating a support zone. Meanwhile, overhead resistance near $76,000 to $78,000 contains roughly $1.8 billion in short leveraged positions.
Michaël van de Poppe, founder of MN Capital, indicated the recent price pullback follows a characteristic weekend trading pattern, with risk appetite rebounding as traditional markets resumed operations on Monday.
The analyst highlighted declining volatility levels and the previous week's $1 billion in exchange-traded fund (ETF) inflows as positive underlying factors.
Van de Poppe further noted that sustained strength around current resistance levels could pave the way for an advance toward the $85,000 to $88,000 price range during May, assuming broader market conditions remain stable.
