Bitcoin price trading range narrows to 2% as RSI signals downside
Bitcoin’s recent price action has been marked by limited price swings and narrow ranges, leaving traders on edge about its next major move.
Following an early January rally to over $102,000, its highest level in 2025, the cryptocurrency quickly retraced, tumbling to $92,000, the lowest since November 2024. Now, Bitcoin appears stuck, trading within a tight 2% range, as technical indicators point to further downside risks.
Last week’s surge, fueled by MicroStrategy’s announcement of new Bitcoin purchases, initially drove prices beyond the psychological $100,000 milestone. However, the rally lost momentum, and Bitcoin shed over $10,000 in subsequent days. The dramatic decline shifted market sentiment, with the Fear and Greed Index reverting to neutral on Friday, the first time since October, suggesting hesitancy among traders.
Bitcoin price narrow range between $93,200 and $95,700 signals indecision
Since hitting the $92,000 floor, Bitcoin has rebounded but remains confined between $93,200 and $95,700 for the past two days. In the early hours of Monday’s Asian session, Bitcoin attempted to break higher, reaching a five-day high of $95,720. However, the move was firmly rejected at the 100 EMA on the 4-hour chart, pushing the price back into its range. As of now, Bitcoin trades near $93,700, with the Relative Strength Index (RSI) persistently below 50, indicating continued bearish pressure.
BTC price dynamics (December 2024-January 2025). Source: TradingView
Key resistance lies at the 4-hour 100 EMA, currently near $95,720. A breakout above this level could pave the way for a retest of $100,000, a critical resistance area. Conversely, failure to hold above the current range increases the likelihood of revisiting the $92,000 support zone, a level that previously halted Bitcoin’s decline.
While Bitcoin’s price movements have been indecisive, the narrow trading range and subdued RSI suggest that a decisive move is brewing. Traders will likely watch for a breakout in either direction, which could set the tone for Bitcoin’s next major trend.
Bitcoin miners increased their hashrate, reflecting growing confidence in the network's future value. Meanwhile, the 92,000 support level has held firm over the past eight weeks.
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