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Crypto Score 42 Bullish

Bitcoin Reclaims $76,000 as Coinbase Spot Demand Accelerates

Apr 21, 2026 16:40 UTC
BTC
Short term

Strong spot buying volume on Coinbase and significant ETF inflows are driving Bitcoin's recovery. The asset is currently testing key resistance levels as traders eye a potential move toward $85,000.

  • BTC price recovered to $76,000 following a bullish engulfing candle
  • Coinbase spot CVD increased significantly to $517 million
  • Support floor established by $2.8 billion in leveraged positions at $73k-$75k
  • Resistance identified at $76k-$78k with $1.8 billion in short positions
  • ETF inflows of $1 billion provide fundamental tailwinds
  • Potential May target range set between $85,000 and $88,000

Bitcoin (BTC) has surged back above the $76,000 threshold, fueled by a sharp increase in spot market demand. This recovery follows a period of consolidation and a brief weekend dip, signaling a return of bullish momentum as the market absorbs selling pressure. The rally is largely attributed to increased activity on the Coinbase exchange, where the aggregated spot cumulative volume delta (CVD) climbed to $517 million on Tuesday, up from just $55 million on April 17. This surge suggests that buyers are aggressively stepping in, with the broader CVD across spot and futures now exceeding $8.5 billion. Technical indicators support the uptrend, with BTC printing a bullish engulfing candle and reclaiming its 100-day exponential moving average (EMA). Market liquidity is heavily concentrated between $73,000 and $75,000, where approximately $2.8 billion in leveraged positions provide a substantial support floor. Conversely, overhead supply is concentrated in short leveraged positions totaling $1.8 billion between $76,000 and $78,000. Funding rates remain slightly negative at -0.003%, suggesting a lingering bearish lean among some traders that could potentially trigger a short squeeze to the upside. Supported by $1 billion in ETF inflows last week, analysts suggest that if current resistance is breached, Bitcoin could target the $85,000 to $88,000 range throughout May.

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