bullish

Bitcoin

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Score

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Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) reached a monthly high of $79,472 on Wednesday, marking its strongest 28-day return since April 2025. The rally aligns with a shift in a market positioning metric and a surge in leverage use.&nbsp;
A combined view of the market positioning metric and open interest shows new positions are being added, potentially influencing BTC’s push toward new highs.
<h2 id="btc-positioning-builds-with-rising-leverage">BTC positioning builds with rising leverage</h2>
Bitcoin researcher Axel Adler Jr. <a href="https://axeladlerjr.com/new-bullish-positioning-build-in-futures-market-metric-at-4-month-high-oi-14-5/" rel="noopener noreferrer nofollow">said</a> that the Bitcoin positioning index has turned higher, with its 30-day average rising to 4.5 from -10.9 in February. The indicator blends net taker flow direction, open interest trends, funding and the exchange balance into a single metric.&nbsp;
<figure><img alt="Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Derivatives, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-04/019db5b3-df3d-7017-8614-21de7cc1b292.png">
 <figcaption>Bitcoin positioning index. Source: CryptoQuant
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Its steady climb since late March, from 0.4 to current levels, shows a consistent improvement without breaking the price trend.
The growth in open interest confirms the same trend. The 30-day change stands at +14.5%, with 23 of the past 30 sessions closing positive. The rising positioning alongside expanding open interest signals new capital entering derivatives markets.
<figure><img alt="Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Derivatives, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-04/019db5b5-44e7-74f6-80cb-388c3c0a2ca6.png">
 <figcaption>BTC open interest 30D change. Source: CryptoQuant
 </figcaption>
</figure>
Over the past 24 hours, aggregated open interest rose 6.7% to 260,000 BTC, while leverage declined by 10.7% over the weekend, suggesting recent deleveraging before the latest positioning build.
<a href="https://cointelegraph.com/markets/bitcoin-bull-score-hits-six-month-high-2022-bear-market-fears-linger" rel="noopener noreferrer nofollow">Related:&nbsp;Bitcoin Bull Score hits six-month high as 2022 bear-market fears linger</a>
<h2 id="key-btc-levels-to-watch">Key BTC levels to watch</h2>
Bitcoin has moved above a descending trendline dating back to the October 2025 peak near $126,000 and has reclaimed the 100-day exponential moving average (EMA). This indicates a strong shift in trend from bearish to neutral-to-bullish on the higher time frame.&nbsp;
The $81,000 level now serves as the first test area, with a small fair-value gap indicating a liquidity imbalance, where a price hold would signal that buyers are accepting higher prices.
<figure><img alt="Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Derivatives, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-04/019db5b9-3230-732a-8d66-7e8cb80c47f9.png">
 <figcaption>BTC/USDT on the daily chart. Source: <a href="https://www.tradingview.com/symbols/BTCUSDT/" rel="noopener noreferrer nofollow">Cointelegraph/TradingView</a>
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Above that, $88,000 stands as the supply zone tied to prior distribution. The $88,000–$91,000 range stands out as a key supply zone, shaped by a prior distribution phase when large volumes of Bitcoin last changed hands.&nbsp;
Many of those holders are now sitting near break-even or in slight profit, which typically increases activity when the price revisits that area.
Adding to this, the realized price of the three–to-six–month holder cohort <a href="https://cryptoquant.com/community/dashboard/685eae88e2ec072dbc77b8bd" rel="noopener noreferrer nofollow">sits at </a>$91,600, further reinforcing this zone as a major decision point.
A sustained move through this range would signal strong demand, showing that buyers are absorbing overhead supply and setting the stage for Bitcoin price to move higher.
Crypto analyst Crazzyblockk <a href="https://cryptoquant.com/insights/quicktake/69e895f97c981667c6c2d9b6-Bitcoin-On-Chain-Profitability-Map-Defining-the-72K-Floor-and-85K-Ceiling" rel="noopener noreferrer nofollow">highlighted </a>a tight range, with the $72,000–$75,000 zone acting as a floor, supported by clusters of realized prices from mid-term holders. A break below this band would push more supply into loss, increasing the risk of reactive selling.
<figure><img alt="Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Derivatives, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-04/019db5b8-1d49-7573-8301-16852bad6e17.jpg">
 <figcaption>BTC: age-band realized price distribution. Source: CryptoQuant
 </figcaption>
</figure>
On the upside, the $83,000–$85,000 marks a profit-taking zone for recent short-term holders. Price strength through this range would signal that buyers are absorbing the supply, allowing momentum to build.
<a href="https://cointelegraph.com/markets/powerful-move-looms-bitcoin-price-bollinger-bands-indicator" rel="noopener noreferrer nofollow">Related:&nbsp;‘Powerful move’ looms for Bitcoin price, says Bollinger Bands indicator</a>

Bitcoin chases monthly high above $80K as nearly all BTC price metrics turn bullish

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