Bitcoin (BTC) failed to exit a tight trading range into April 6 as it remained below the $28,000 mark, despite approaching $29,000 the day prior. Upward momentum during the approach soon faded, and the spot price remained in an increasingly narrow range. Monitoring resource Material Indicators noted that traders had moved both bid and ask liquidity toward each other, "compressing" the likely zone of movement for spot price, adding that liquidity dampens volatility. Analytics resource Skew devised two outcomes for the current price action, with BTC/USD described as "crabbing" and moving sideways, with little room for manoeuvre. Meanwhile, trader and analyst Rekt Capital eyed a trip to $27,000 as a potential signal that a long-term "double top" formation is underway.

(By WILLIAM SUBERG)