Still, a daily close above $37,500 could signal short-term stabilization. For now, upside appears to be limited despite intraday price swings, evidenced by slowing momentum on the daily, weekly and monthly charts.
BTC was recently trading at $36,800 and is down 6% over the past week.
The slope of the 100-day moving average has flattened over the past few months, which indicates weakness in the relief phase since the Jan. 24 price low near $32,900. Immediate resistance is seen at $40,000, which could limit buying activity over the short term.
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Additionally, selling volume isn't as extreme compared with previous down moves in price. That suggests further downside is likely before sellers capitulate.
The 20-day moving average of BTC's trading volume based on Coinbase exchange data provided by TradingView declined from February to April, reflecting weak buying pressure within the $35,000-$46,000 price range.
The uptick in volume since late April, although negligible, should be monitored for signs of heightened selling pressure, which could signal a brief price low of around $30,000.