Bitcoin price stuck in 6-day range while derivatives signal increasing bearish pressure
Bitcoin consolidates between $92.9K–$95.8K as traders eye breakout.
Bitcoin price is consolidating within a tight range between $92,900 and $95,850, marking six consecutive days of sideways movement.
This comes after a 28% surge from the April low of $74,500, which turned the month from a loss to a 15% gain. The price, now hovering near $95,100 during the European session, is holding just below the upper bound of this range — a level that increasingly looks like short-term resistance.
However, sentiment in the derivatives market is diverging from the spot market. Funding rates on perpetual futures contracts have turned negative, even as price attempts to push higher. This shift suggests a growing number of traders are either shorting or hedging against a potential pullback. Such behavior indicates a lack of conviction in further upside, despite Bitcoin trading near its recent highs.
Bitcoin RSI holds above 50, but distribution signs grow amid stalled momentum
This divergence may be an early sign of distribution. Traders could be reducing risk or gradually exiting positions while prices remain elevated — a strategy often seen when markets are losing momentum. While the 4-hour RSI remains above 50, pointing to a bullish underlying bias, it’s not enough to ignore the warning signs coming from sentiment data.
BTC price dynamics (Feb - April 2025). Source: TradingView
If Bitcoin price breaks below the current range, the 20-day EMA around the $90,000 psychological level could provide near-term support. On the other hand, a clean breakout above $95,850 would expose the March high at $96,500 and potentially open the path toward the key $100,000 milestone.
The current setup places Bitcoin at a crossroads. While the broader trend remains supported by rising moving averages, short-term sentiment suggests traders are preparing for volatility rather than continuation. How Bitcoin reacts at this resistance band may shape the early tone for May.
Bitcoin price stalls below $96.5K as volume drops and short-term RSI weakens. BTC's short-term momentum weakens, but daily RSI keeps the uptrend intact
