Autor Cointelegraph by Biraajmaan Tamuly

ETH derivatives show strong buyer dominance, leading traders to target $2,500 to $2,600 as the next crucial rally.

Bitcoin (BTC) reached a monthly high of $79,472 on Wednesday, marking its strongest 28-day return since April 2025. The rally aligns with a shift in a market positioning metric and a surge in leverage use. A combined view of the market positioning metric and open interest shows new positions are being added, potentially influencing BTC’s push toward new highs.BTC positioning builds with rising leverageBitcoin researcher Axel Adler Jr. said that the Bitcoin positioning index has turned higher, with its 30-day average rising to 4.5 from -10.9 in February. The indicator blends net taker flow direction, open interest trends, funding and the exchange balance into a single metric. Bitcoin positioning index. Source: CryptoQuantIts steady climb since late March, from 0.4 to current levels, shows a consistent improvement without breaking the price trend.The growth in open interest confirms the same trend. The 30-day change stands at +14.5%, with 23 of the past 30 sessions closing positive. The rising positioning alongside expanding open interest signals new capital entering derivatives markets.BTC open interest 30D change. Source: CryptoQuantOver the past 24 hours, the aggregated open interest also rose 6.7% to 260,000 BTC, while the price experienced a 10.7% drop in leverage over the weekend. Related: Bitcoin Bull Score hits six-month high as 2022 bear-market fears lingerKey BTC levels to watchBitcoin has moved above a descending trendline dating back to the October 2025 peak near $126,000 and has reclaimed the 100-day exponential moving average (EMA). This indicates a strong shift in trend from bearish to neutral-to-bullish on the higher time frame. The $81,000 level now serves as the first test area, with a small fair-value gap indicating a liquidity imbalance, where a price hold would signal that buyers are accepting higher prices.BTC/USDT on the daily chart. Source: Cointelegraph/TradingViewAbove that, $88,000 stands as the supply zone tied to prior distribution. The $88,000–$91,000 range stands out as a key supply zone, shaped by a prior distribution phase when large volumes of Bitcoin last changed hands. Many of those holders are now sitting near break-even or in slight profit, which typically increases activity when the price revisits that area.Adding to this, the realized price of the three–to-six–month holder cohort sits at $91,600, further reinforcing this zone as a major decision point.A sustained move through this range would signal strong demand, showing that buyers are absorbing overhead supply and setting the stage for Bitcoin price to move higher.Crypto analyst Crazzyblockk highlighted a tight range, with the $72,000–$75,000 zone acting as a floor, supported by clusters of realized prices from mid-term holders. A break below this band would push more supply into loss, increasing the risk of reactive selling.BTC: age-band realized price distribution. Source: CryptoQuantOn the upside, the $83,000–$85,000 marks a profit-taking zone for recent short-term holders. Price strength through this range would signal that buyers are absorbing the supply, allowing momentum to build.Related: ‘Powerful move’ looms for Bitcoin price, says Bollinger Bands indicator

Bitcoin (BTC) mid-size wallet inflows to Binance fell to 3,000–4,000 BTC, marking a multi-year low in sell-side activity from this cohort.This coincides with Coinbase recording about 8,500 BTC in inflows from similar wallets on April 19, while other exchanges saw much smaller flows. Binance exchange Bitcoin inflows have also fallen to 2023 levels, but how is this significant to today’s market?Binance BTC inflows cool sharply to 2023 levelsCryptoQuant data classifies mid-size wallets as the entities holding roughly 100–1,000 BTC, often linked to active traders and smaller institutions. These wallets tend to move coins to the exchanges during distribution periods, making their inflows a useful proxy for near-term selling intent.Binance inflow structure by Investor size. Source: CryptoQuantCrypto analyst Amr Taha noted that seven-day average Bitcoin inflows from this cohort into Binance have dropped to 3,000–4,000 BTC. This remains well below the deposits observed during April to May 2023, which ranged from 5,500 to 6,000 BTC.The lowered inflow levels suggest reduced immediate sell-side pressure, as fewer coins are being positioned on the exchange, although inflows alone do not translate into active selling.The chart shows no comparable surge from retail participants (1-100 BTC) either, with smaller wallets contributing limited inflows of less than 300 BTC on Tuesday. This indicates a contained flow profile rather than broad-based selling pressure.Related: Bitcoin metrics line up bull signals with $78K the BTC price level to beatBitcoin flows on Coinbase dominateThe distribution of BTC inflows across exchanges provides another perspective. Data from CryptoQuant shows that mid-size investor inflows into Coinbase reached about 8,500 BTC on April 19, approaching levels last seen after the FTX exchange collapse in November 2022.Bitcoin mid-size wallet inflows on Coinbase. Source: CryptoQuantBTC activity across other exchanges remained relatively muted. Amr Taha noted that a broad distribution phase would typically reflect synchronized inflows across multiple exchanges, which is not evident in the current data.A similar spike on Coinbase was observed on Jan. 14, shortly before Bitcoin declined from $95,000 to below $67,000 in February. However, the current conditions differ, as exchange inflows appear fragmented rather than market-wide, suggesting mixed sentiment rather than coordinated distribution.Data from Bitcoin researcher Axel Adler Jr. also highlights a deeper shift in supply dynamics. Bitcoin’s 30-day net flow dropped to -300,000 BTC in March from +94,000 BTC in February, signaling a strong withdrawal phase. The metric stands near -98,000 BTC as of April 21, with outflows continuing at a slower pace.Bitcoin 30D net flows. Source: CryptoQuantAdler Jr. added that exchange reserves have declined for seven consecutive weeks, falling by over 105,000 BTC since early March. Notably, even during the April 2 pullback toward $67,000, there was no significant return of coins to exchanges. Related: Inside the ‘fake police raid’ that forced a $1M Bitcoin transfer

Bitcoin (BTC) rebounded above $76,000 on Tuesday, after the spot market demand on Coinbase exchange saw a second week of bullish volume trends.Net spot buy volume has climbed sharply over the past 15 days, signaling sustained strength from bulls, but will BTC be able to turn the $75,000 level into a long-term support level?Coinbase demand keeps spot volumes trending higherThe aggregated spot cumulative volume delta (CVD) continues to trend higher, rising to $517 million on Tuesday, up from $55 million on April 17. The broader CVD across spot and futures is above $8.5 billion, with BTC price consolidating just below $77,000 following Monday’s recovery. BTC price, spot, and futures CVD and funding rate. Source: Velo.dataThe buy-side remained elevated and flat, with no clear distribution or selling over the past 24 hours. BTC has held firm while spot demand has absorbed selling pressure, keeping the upward slope in CVD intact.The funding rates are slightly negative at -0.003%, indicating traders are still leaning bearish, which may trigger a squeeze toward the upside.Crypto analyst Ardi noted that Coinbase activity has played a larger role in BTC’s 12% recovery in April. “Coinbase premium has been doing more of the work in this range than people realize,” Ardi said, pointing to past rallies that aligned with sustained positive premiums. Bitcoin Coinbase Premium Analysis by Ardi. Source: XThe premium, currently at 0.05, now serves as an early signal of demand strength. Ardi explained that a flattening or shift back into negative territory would point to thinning order books, which may slow down bullish price action. Related: Bitcoin risks losing $70K as Strategy’s STRC slips below $100Should traders expect $88,000 in May?From a technical standpoint, Bitcoin printed a bullish engulfing candle on Monday, reversing the 2.5% dip on Sunday and signaling renewed strength. The price also moved back above the 100-day exponential moving average (EMA) after last week’s first retest of the level in more than four months.BTC/USDT on the one-day chart. Source: Cointelegraph/TradingViewOn the higher time frame, Bitcoin continues to form higher highs and higher lows, keeping the trend intact. The focus now is on how the price behaves around $75,000, which could serve as a key inflection point. Liquidity remains concentrated below, with about $2.8 billion in cumulative leveraged positions between $73,000 and $75,000, forming a support range. The overhead supply near $76,000 to $78,000 stands at around $1.8 billion in short leveraged positions. Bitcoin liquidation map. Source: CoinGlassMN Capital founder Michaël van de Poppe said the recent pullback aligns with a typical weekend pattern, with risk appetite returning as the markets reopened on Monday.The analyst pointed to easing volatility and last week’s $1 billion in inflows into exchange-traded funds (ETFs) as supportive factors.Van de Poppe added that continued strength near resistance could open the door to a move toward the $85,000 to $88,000 range in May, if broader conditions remain unchanged.Bitcoin one-day analysis. Source: Michaël van de Poppe/XRelated: VIX drops 45% in three weeks: Is Bitcoin price ready to retake $80K?