Bitcoin has been struggling.
Last trading just above $81,000, it’s well off its lofty highs.
Unfortunately, there could be more pain ahead.
“According to technical analysis, the next target for bitcoin’s price is around the $70,000 level, which serves as a strong support zone,” Ruslan Lienkha, chief of markets at bitcoin and crypto platform YouHodler, as quoted by Forbes.com.
Much of the pullback is because of tariff concerns.
“With the tariffs on Canada and Mexico set to take effect on March 5, the mainstream stock market is reacting to potential economic fallout. Many might continue to rotate capital from risky assets without guaranteed insulation from these trade wars. Based on the regional economic uncertainty, investors need stability, and as a naturally volatile asset, bitcoin does not offer that in the short term,” added Forbes.com.
All of which offers us opportunity on the short side of Bitcoin, which we can trade using:
ProShares Short Bitcoin (SYM: BITI)
There’s the ProShares Short Bitcoin (BITI), which tracks the S&P CME Bitcoin Futures Index, with profitability computed daily (before fees and expenses) as the inverse (-1x) of the index’s daily performance. With an expense ratio of 1.03%, the BITI ETF also has a history of monthly dividend payouts. It’s most recent one for $0.051277 was paid on December 31, 2024.
ProShares UltraShort Bitcoin ETF (SYM: SBIT)
We can also look at the ProShares UltraShort Bitcoin ETF (SBIT). With an expense ratio of 0.95% and monthly dividends, the ETF seeks daily investment results that correspond, before fees and expenses, to -2x the daily performance of the Bloomberg Bitcoin Index.
T-Rex 2x Inverse Bitcoin Daily Target ETF (SYM: BTCZ)
With an expense ratio of 0.95%, the T-Rex 2x Inverse Bitcoin Daily Target ETF (BTCZ) seeks daily investment results of 200% of the inverse of the daily performance of spot Bitcoin.
