Bitcoin price posts 3 straight bullish weeks as macro tailwinds fuel store-of-value narrative

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Sholanke Dele

28.04.2025

Bitcoin price posts 3 straight bullish weeks as macro tailwinds fuel store-of-value narrative — Bitcoin consolidates between $92,900 and $95,850 after 10% rally.

Bitcoin price is holding firm after registering its first three consecutive bullish weeks in 2025, a period shaped by easing U.S. trade tariffs under President Trump and mounting pressure on Federal Reserve Chair Jerome Powell to lower interest rates.

The macro backdrop has supported risk assets, and Bitcoin, in particular, has started to behave less like a high-beta risk asset and more like a store of value, showing early signs of decoupling from traditional equities.

Last week, Bitcoin posted its most bullish week of 2025, gaining 10%. However, after peaking, Bitcoin entered a retracement phase over the weekend, confined to a tight 3% trading range between $95,850 and $92,900. This consolidation hinted at a cooling-off period following the aggressive rally, as traders assessed whether the macro-driven gains could be sustained.

BTC price dynamics (April 2025). Source: TradingView

During Monday's Asian session, Bitcoin opened at $93,800, dipped to the lower bound of the range at $92,900, and then bounced back above the opening price. As of the European session, Bitcoin is trading near $94,300, up 0.5% for the day. The recovery from the $92,900 level reinforces the significance of this support area.

Daily RSI nearing 70 warns of overbought risks after 10% Bitcoin rally last week

Technical indicators reflect contrasting difference between recent bullish momentum and emerging exhaustion. The 4-hour RSI is hovering near 60, keeping Bitcoin in bullish territory and suggesting scope for a near-term push higher. However, the daily RSI near the 70 mark signals that the rally may be running into overbought conditions, increasing the risk of a deeper pullback if momentum stalls.

A breakout above the current $95,850 resistance would position Bitcoin above its March highs, potentially extending its bullish structure. Conversely, a sustained move below $92,900 would erase some portion of last week's gains, opening the door for deeper retracement.

For now, the technical setup, combined with improving macro sentiment and changing correlations, keeps the near-term outlook constructive provided Bitcoin can maintain support above $92,900.

Bitcoin rallied 12% to a seven-week-high, but weak network growth showed a lack of real demand. RSI hit overbought territory, signalling the rally was largely driven by leverage.

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