Bitcoin Eyes $72,000 Support as On-Chain Demand Surges

Bitcoin (BTC) has reclaimed levels above $72,000, supported by a notable increase in spot and futures market demand. This rally comes as order book data indicates a coordinated shift toward investor accumulation across primary trading platforms. The current price action is underpinned by a reversal in volume trends. After a period of persistent selling in February, the 30-day spot net volume delta has turned positive on both Binance and Coinbase, recording $43.2 million and $13.88 million respectively. Derivatives data further reinforces the bullish momentum. Binance’s cumulative volume delta (CVD) rose to $5.6 billion on Wednesday, an increase of $3.3 billion during April. This surge in aggressive market orders follows a brief dip below $65,000 in late March, signaling stronger buyer conviction than seen in previous consolidation phases. A critical shift is evident in short-term holder behavior. While previous attempts to break $72,000 in February and March were met with heavy selling—roughly 26,000 to 31,000 BTC—the most recent rally saw only 3,000 BTC sold. This reduction in selling pressure suggests that traders are less inclined to exit positions at these levels. Profitability metrics are also stabilizing, with the seven-day moving average of net realized profit/loss recovering to -$109 million from a February low of -$2 billion. For the bullish trend to sustain, buyers must successfully defend the $70,000 to $72,000 zone in the coming days.