Bitcoin: Dragosch Sees Further Equity Unwind Risk
André Dragosch argues equity positioning still holds more downside despite recent unwinds, pointing to elevated short-term volatility for Bitcoin as cross-asset risk appetite turns bearish.
SourceAnalysis
Bitcoin faces elevated short-term volatility after André Dragosch noted that equity positioning retains further downside potential even after recent unwinds, with cross-asset risk appetite turning bearish but still milder than the tariff tantrum or yen carry unwind episodes.
CTA data from Deutsche Bank via ISABELNET shows the S&P 500 at the 87th percentile, Nasdaq-100 at the 66th, and Russell 2000 at the 30th, underscoring that crowded long exposure has not fully cleared.
Bitcoin trades at $80282.88 inside its Bollinger Bands, testing upper resistance at $81069.48 while the lower band sits at $79522.37. The structure remains bearish beneath the EMA50 at $81100.97 and EMA200 at $81748.6, yet the MACD golden cross at -395.5 hints at building momentum even as RSI(14) at 45.59 stays neutral, suggesting any push higher may stall and retrace toward the 50-EMA before volatility expands further.
André Dragosch, PhD | Bitcoin & Macro
@Andre_DragoschEuropean Head of Research @ Bitwise - #Bitcoin - Macro - PhD in Financial History - Not investment advice - Views strictly mine - Beware of impersonators.