Bitcoin's Coinbase premium index has turned negative for the first time in 15 days, signaling bearish sentiment among US investors and potential volatility. The market is currently trading around $94,000, with CME futures gaps identified between $92,000-$92,500 and $96,400-$97,400 indicating a likely range-bound trading scenario. This decline in premium coincided with Bitcoin slipping below $94,000 and reveals reduced buying pressure. Additionally, there has been over $300 million in selling pressure from April 27 to April 29, which has persisted into the weekend. The removal of 8,000 BTC in open interest across futures markets suggests reduced leverage and caution among investors. Bitcoin is expected to test the futures gaps this week, particularly a potential drop to $92,000, after losing its position above the 200-day SMA. Overhead resistance exists at $97,000-$98,000, while key support levels are present at $93,000.

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