In God, David sees redemption. He had often been delivered from death by the Lord. Christian communities today also anticipate their ultimate deliverance from death. Since Jesus is the resurrection and life, believers will never truly die. The verse also mentions God's unfailing love and compassion. These benefits are viewed by David as a crown of blessings that the Lord has bestowed upon him.
We have been redeemed from the pit of the dead by the blood of Jesus. The grace of God not only forgives us for our sins but grants us eternal life through faith in the Lord Jesus Christ. This free gift of grace also included redemption from the pit of destruction prepared for the devil and his fallen angels, as well as eternal separation from our heavenly King.
Israel celebrates its redemption from Egypt today. However, all who trust in the only begotten Son of God can rejoice that they have been redeemed from the pit of death and destruction. For this redemption, only the precious blood of our Savior, Jesus Christ, could be acceptable. Therefore, our praise for the Lord's love and compassion will never be sufficient.

Dear Heavenly Father, You deserve all praise and glory for your name. Great is Your faithfulness and love. Your forgiveness covers all my sins, and Your healing covers all my diseases. My life was redeemed by Your mercy, and You have crowned me with loving kindness and tender mercies. With You, I am filled with good things, and I am renewed like an eagle in youth. All praise to Your holy name. 
In Jesus's name I pray. Amen.