Bitcoin Price Rebounds Above $76K Amid Coinbase Demand Surge

Bitcoin's price has been experiencing a significant recovery, with the current value surpassing $76,000 after a second week of sustained spot market demand on Coinbase. This development is reflected in the aggregated cumulative volume delta (CVD), which continues to trend higher, reaching $517 million on Tuesday.

The CVD, a key indicator of buying and selling activity, has been steadily increasing over the past 15 days, signaling strong support from bulls. The price of Bitcoin has also managed to hold firm despite some selling pressure, with the upward slope in CVD remaining intact.

According to crypto analyst Ardi, Coinbase activity has played a significant role in Bitcoin's recent 12% recovery in April. Ardi notes that the premium on Coinbase has been an early signal of demand strength and could potentially slow down bullish price action if it were to flatten or shift back into negative territory.

From a technical standpoint, Bitcoin printed a bullish engulfing candle on Monday, reversing Sunday's 2.5% dip and signaling renewed strength. The price also moved above the 100-day exponential moving average (EMA) after last week's retest of the level in over four months.