Bitcoin gets 'compressed' at $28,000 as bulls again run out of steam
The pair had approached $29,000 the day prior, eating into ask liquidity in what analysisThat appeared to be true, as upward momentum soon faded and spot price remained in an increasingly narrow range.around $30,000 thus remained untested, much to the frustration of those hoping for an easy continuation of 2023 upside.
In follow-up commentary, 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.
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