As of midday April 14th, Bitcoin was trading above $74,000 thanks to a rally of 8.10% over the prior week. That’s probably not enough for those who have been frustrated with the largest digital currency and the cryptocurrency complex at large. However, rebounds have to start somewhere.
Market participants engaged with Bitcoin in a direct fashion or through ETFs such as the CoinShares Bitcoin ETF (BRRR) might be feeling a bit better about those exposures due to the aforementioned rally, but they also know that the cryptocurrency has a long way to go to reclaim old highs. Experienced investors also know that for Bitcoin to fully reclaim its lost glory, other hurdles must be cleared.
Bitcoin and BRRR investors should pay close attention to the $75,500 level. If the cryptocurrency can move past that price point, more upside may be in store. An estimated $20 million in short positions sit around that level; those trades would likely be liquidated if Bitcoin moves beyond that price. Those liquidations would likely fan the flames of a rally, benefiting BRRR in the process.
There are no promises that Bitcoin will imminently move to $75,500.. However, BRRR investors can take heart in knowing some green shoots are emerging. Cumulative volume delta (CVD) confirms as much.
“Notional open interest (OI) in crypto futures rose to $126 billion, the most since Jan. 31,” reports CoinDesk. “Bitcoin OI has surged to a record high of 767,000 BTC, while positive CVD and funding rates also signal bullish positioning.”
Obviously, before $75,500 becomes a legitimate talking point, Bitcoin needs to get to $75,000. ..That, too, is a significant price area.
“Data from Deribit shows that dealer gamma positioning is deeply negative at $75,000. So, if BTC rises past this level, dealers could buy into the rising market to hedge their exposure back to neutral. This could accelerate the uptrend. Similarly, if prices turn lower from $75,000, dealers could sell into a falling market, accelerating the decline,” according to CoinDesk.
Bottom line: Bitcoin is arguably in a “show me” phase, but if it can deliver the goods and restore confidence among weary investors, BRRR could rebound.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
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