Bitcoin Price Stalls Around US$76,000 as Wall Street Builds a Fund That Reaps Profit from It

Bitcoin price briefly touched US$76,100 on April 14 before correcting due to high selling pressure. This rejection happened on the same day Goldman Sachs filed for a Bitcoin Premium Income ETF.

This new fund uses a covered call strategy that generates profits when BTC moves sideways or rises within a limited range. So, resistance at US$76,000 is not just an ordinary technical boundary. At this level, Wall Street’s latest product is designed to grow.

Short Liquidations Fuel the Rally, but Open Interest Crashes

Bitcoin price rose by about 4.4% over the last seven days. However, most of those gains occurred in the last few sessions. The price move was not driven by spot demand, but by derivatives.

On April 14, open interest briefly peaked at US$28.55 billion, with the BTC funding rate at -0.013%. This negative figure indicates that short sellers are paying to maintain their positions. When BTC rises higher, those short positions are likely liquidated, adding fuel to this rally.

But the situation afterward tells a different story. Open interest has now fallen sharply to US$8.42 billion, down by nearly 70%. Meanwhile, the funding rate has dropped further to -0.048%. On the other hand, new short positions have started to be built even as prices hold at the latest high levels.

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The long tail on the April 14 daily candle confirms that sellers are acting aggressively near US$76,100. This rally was indeed driven by derivatives, and its fuel has already run out. Whether the next push comes from new long positions or another short squeeze will depend heavily on the resistance levels above. In addition, the recent squeeze and the sellers’ pullback seem to have helped Bitcoin complete a Cup-and-Handle pattern on the daily chart.

The neckline of this pattern appears to be roughly horizontal around US$76,132, while the pattern invalidation level is now at US$64,900. The current price correction may also be forming the “handle” of this pattern. However, there is one important on-chain zone that is now starting to send warning signals.

An On-Chain Wall Meets Goldman’s New ETF

The rejection near US$76,000 coincides with on-chain resistance. CryptoQuant data on realized price based on UTXO age cohorts— a metric that tracks the average purchase price of Bitcoin grouped by how long the coins have been held—shows the 1-month to 3-month holder cohort at US$76,662. This cohort has been the most active buyers recently, and their cost basis is now the first “ceiling” BTC must break through.

Meanwhile, on April 14, Goldman Sachs filed with the SEC for a Bitcoin Premium Income ETF. This fund sells call options on its spot Bitcoin ETF holdings, then collects premiums in return to limit potential upside. Bloomberg analyst Eric Balchunas said the filing uses a ’40 Act structure. A Cayman Islands subsidiary handles commodity ownership restrictions, Balchunas explained.

This product performs best when BTC moves sideways or declines slightly.

Timing of the filing is also crucial. If the on-chain wall at US$76,662 holds and BTC consolidates below it, ETFs like Goldman’s would immediately become relevant. Although the bullish chart pattern looks promising, this ETF model actually profits from Bitcoin’s tight-range movement, as in the current situation. Bitcoin’s open interest needs to rebuild alongside new demand in order to break through that resistance.

Bitcoin Price Levels That Determine the Next Direction

As mentioned earlier, the neckline of this bullish continuation pattern is nearly horizontal at US$76,132. The consolidation that began on April 14 could develop into the handle of this pattern. As long as BTC remains above US$70,559, this pattern is still intact. This Cup-and-Handle pattern has an upside projection of about 17.31%.

However, the neckline alone is not strong enough. The UTXO wall at US$76,662, the Fibonacci 0.618 level at US$76,039, and the latest rejection high at US$76,132 are close to one another. If the price closes daily above US$76,665, then this entire zone will be cleared. The next price targets are US$77,530, US$79,429, US$84,914, and a movement projection near US$89,272.

But conditions in the derivatives market make the picture even more complicated. Open interest must rise along with the price increase for a breakout to be truly solid. If not, negative funding and an increase in short interest could trigger the next squeeze, but that rally would be at risk of lasting only a short time.

Bitcoin’s price support is at US$73,944 at the Fibonacci 0.382 level. If this level breaks, there is a risk the price could fall to US$70,554, which would weaken that bullish pattern. However, only a daily close below US$64,900 would truly invalidate the Cup-and-Handle pattern on the daily BTC chart.

A daily close above US$76,665 would trigger the US$89,272 target. If the price closes below US$73,944, momentum would shift back to the short side. This fits perfectly with the logic behind Goldman’s new ETF.

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