Equally the weekend began Bitcoin (BTC) price traded in a relatively tight range later on making a second attempt at $vii,000 on April 4. The digital asset surged to $6,988 earlier pulling back to the $6,800 range for the remainder of the twenty-four hours.

As Bitcoin spent Sabbatum trading sideways, the bulk of the tiptop-ten altcoins posted marginal gains. Ether (ETH) gained 1.57%, Litecoin (LTC) added 1.02%, and Binance Coin (BNB) managed to gain 2.31%.

Crypto market daily price chart

Crypto market place daily price nautical chart. Source: Coin360

At the fourth dimension of writing, the price continues to concur to a higher place the ascending trendline and the price is slowly pushing shut to the $6,900 resistance, a level which has been broken above three times this week.

BTC USDT daily chart

BTC USDT daily nautical chart. Source: TradingView

The $6,900-$vii,200 range is proving to be a tough resistance area to overcome just with the weekly close approaching, investors will exist watching to see if Bitcoin cost makes a sharp motility above $7,200 or a pullback to $v,800.

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

In the 4-hour timeframe, traders volition notice that trading volume is declining as the Bollinger Ring arms are narrowing. The toll continues to rise toward the upper Bollinger Ring arm which is currently situated at $6,997.

Narrowing bands and declining trading volumes typically occur before a breakout or breakdown takes identify.

Bullish scenario

A bullish outcome would involve a loftier book surge which pushed the price through the highlighted resistance zone to the high book VPVR node at $seven,200. Clearing $vii,200 would open the door for the Bitcoin price to rise to $8,000 where another loftier volume VPVR node exists, along with the 100 and 200-24-hour interval moving average at $8,143 and $viii,133.

Before in the calendar week, Cointelegraph contributor filbfilb expects that:

"Whatever break to the upside is probable to be ultimately resisted around the $8K level due to the confluence of technical resistance and known institutional brusque-selling interest."

While the $8,000 to $8,500 level is bound to be a challenge to overcome, filbfilb adds that:

"Bitcoin is critically showing a clear lack of selling interest below the 200-week moving average and buyers appear to be stepping in at these levels, which is clearly bullish."

Bearish scenario

If Bitcoin continues to reject $6,900 and $vii,100 resistance, the cost could eventually driblet below the $6,800 to $half dozen,600 support zone to revisit $half dozen,350 and below this $v,850 and $5,450.

At the moment the likelihood of a drop below $6,000 seems unlikely every bit the iv-hour chart and filbfilb's ascertainment show that bulls accept defended the $half-dozen,600 back up over the by week.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

On April 4, Crypto trader Scott Melker made a similar ascertainment, tweeting the above chart and saying:

"Key spot. If you are a bull, you lot can buy support here, or wait for a suspension in a higher place 7K and purchase the retest. Green circles. If y'all are a bear, y'all can wait for support to break and and then sell or brusque the retest as resistance. Ruby circle."

According to Melker, a strong push above the $6,900 resistance could run into Bitcoin price rally to $7,500 earlier pulling back to retest the $vii,000 back up earlier making an attack on the resistance at $seven,750.

Alternatively, a bearish upshot would meet the price drop below the ascending trendline to the $vi,200 support before attempting to recover above the overhead trendline, which may now function equally resistance.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves adventure. You should conduct your own research when making a decision.