Bitcoin (BTC) failed to break out of its narrow trading range up to April 6, as the $28,000 mark posed a challenge once again. Material Indicators observed that traders had moved bid and ask liquidity closer to each other, “compressing” the potential zone of movement for the spot price. The compression of liquidity dampens volatility, leaving the cloud of liquidity around $30,000 untested. Two possible outcomes for BTC/USD on short timeframes were suggested by analytics resource Skew: grinding with the EMA trend or bleeding towards the 1D range low and breakdown occurring there. On the other hand, some remained optimistic about BTC’s path in 2023, such as trader and analyst Credible Crypto, who reiterated his prediction that BTC/USD would set a new all-time high this year.