Bitcoin has rebounded to around $72,000, but an analysis says it needs to reclaim $80,000 as a support level for further gains.

On April 9, blockchain media outlet Cointelegraph said regaining $80,000, the realised price of short-term holders, and cementing it as a support zone is a key condition for a trend reversal.

Bitcoin has risen 8 percent over the past three days to around $72,000. It moved back above the 200-day exponential moving average of $68,000 and the 50-day exponential moving average of $70,000, and confirmed support in that zone. Some in the market say the basis for a short-term rebound has partly formed, but that it must overcome higher resistance to be seen as a full resumption of the uptrend.

Analyst CW8900 said in a post on X, formerly Twitter, that bitcoin is currently in a buy-wall zone in the $67,700 to $70,000 range and that the area is a support zone. The analyst added that there is a sell wall above, between $72,000 and $73,000. The zone has been cited as an area where short-term profit-taking could emerge, as investors bought 386,100 BTC there over the past three months.

Resistance does not end there. On-chain analytics firm Glassnode, in its latest report, pointed to $78,000, the actual market average price, and the area near $80,000, based on short-term holders' cost basis, as major resistance levels. It said these are meaningful threshold levels and that the market needs a clear breakout to strengthen signals of a trend reversal.

A problem is that trading participation has not yet recovered enough. Bitcoin on-chain transfer volume, measured by the seven-day moving average, fell to 660,000 BTC as of April 9. That is about 50.5 percent lower than 1.36 million BTC less than 30 days earlier. Spot trading shows a similar pattern. Relative 30-day spot volume across all exchanges remains below 1.0, far lower than levels seen near recent bull-market peaks.

Glassnode said the rebound could feel fragile until spot demand returns and that the strength sustaining further gains is likely to be limited. Recent charts also show spot volume has only inched higher, and it is not enough to say market participation has returned in a meaningful way. It said that when speculative intensity is weak, it is hard for prices to extend in a trend even if they break through resistance.

Still, there are some signs of recovery. Spot net volume delta and taker cumulative volume delta have moved back into positive territory, showing spot and derivatives markets entering a recovery phase. As a result, markets are watching whether the short-term rebound will remain a temporary pullback or lead to a breakout through the $76,000 to $80,000 range.

Ultimately, analysis is increasingly focused on the view that bitcoin's next direction depends more on a recovery in trading volume than on the price itself. Support around $70,000 has been confirmed, but without spot demand it will not be easy to retake and settle above $80,000, leaving that as a key variable in this rebound.

$BTC is currently in a buy wall zone. The current zone is a support zone. There is a sell wall up to 73k. It must break through this sell wall to continue rising to 75k. pic.twitter.com/EJfoQZ3jbO