Bitcoin price stalls below $96.5K as volume drops and short-term RSI weakens
Technical conditions also support the view of a cooling trend
Bitcoin price uptrend in April lost its steam when it was just shy of reclaiming last month’s high, as the price action got stuck in a phase of tight consolidation. After rallying to a peak of $95,850 over the past weekend, just 0.7% below March’s high at $96,500, the upward push has stalled.
This failure to surpass the previous high is not occurring in isolation. On the daily chart, the volume indicator has been declining, reflecting a slowdown in buying interest during the latter part of April. That volume exhaustion helps explain why Bitcoin has since been trading within a narrow band between $95,850 and $92,900 for the past four trading days.
BTC price dynamics (Feb - April 2025). Source: TradingView
Technical conditions on shorter timeframes also support the view of a cooling trend. The RSI on the 4-hour chart has been falling steadily, now sitting around the neutral 50 mark. This shift suggests that bullish momentum, while previously present, is now softening. However, the broader daily RSI still holds near 66, well within bullish territory, indicating that the longer-term structure of the uptrend remains intact for now. Price behaviour during the Asian session reinforces this theme. After opening near $95,000, Bitcoin slipped to an intraday low near $94,300.
Bitcoin moving averages reinforce support as daily RSI shows underlying strength
Despite yesterday’s brief bounce from range support, bitcoin price nearly retested the upper boundary at $95,850 but buyers failed to push the price through resistance. Support continues to hold thanks to the behaviour of key moving averages on the 4-hour chart. The 20 and 50-period moving averages have consistently cushioned downside retracements and supported sideways movement during the uptrend in April. Notably, the 50-period MA is inching closer to the lower bound of $92,900, reinforcing that level as a crucial floor in the short term.
In sum, Bitcoin’s inability to clear $96,500, declining short-term RSI, and reduced volume point to an exhausted rally. Yet, the alignment of daily RSI strength and moving average support suggests this may not be a trend reversal, but a consolidation before another attempt higher.
Bitcoin rallied for three straight weeks as easing U.S. tariffs and Fed rate cut bets boosted sentiment. Bitcoin signalled early decoupling from equities and a shift toward store-of-value behaviour.
