Cointelegraph Team
Cointelegraph
Bitcoin (BTC) stuck to "rangebound movements" into May 24 as price action avoided expected volatility.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
No joy for BTC bulls after DXY down move
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to circle $29,000 after failing to hold $30,000 support.
On hourly timeframes, the pair thus continued a familiar pattern of swings between the two zones, refusing to explore more extreme territory either up or down.
"The crucial breaker for Bitcoin is again the $29.4K area. If that breaks -> next test at $30K," Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update.
Overall, range-bound movements.
The ongoing World Economic Forum Annual Meeting likewise gave no meaningful market-moving signals on its first days as Bitcoiners gathered in Oslo for what Human Rights Foundation chief strategy officer Alex Gladstein called the "diametrically opposed" Oslo Freedom Forum.
BTC/USD did manage to close the CME futures gap to the downside, which had opened at the end of the previous week.
"US Stocks showing signs of reversal this week. $BTC dropped with them, and now will pump back with them. Very obvious CME gap fill. Don't be left behind," popular Twitter account IncomeSharks continued.
CME Bitcoin futures 1-hour candle chart. Source: TradingView
Continuing the macro theme, markets commentator ted talks macro offered an explanation as to why crypto and risk assets more broadly were not making more of the new weakness in the U.S. dollar.
The U.S. dollar index (DXY) stood at 102 on the day, down 3 points from its twenty-year highs seen last week.
Two-year wait for $69,000?
Looking ahead, meanwhile, hopes of significant gains for Bitcoin were few and far between.
For Il Capo of Crypto, the Twitter commentator well known for their sober takes on the BTC price outlook, hodlers should only hope to beat current $69,000 all-time highs in 2024.
That year marks Bitcoin's next block subsidy halving, when the reward given to miners decreases by 50% from 6.25 BTC to 3.125 BTC per block.
General consensus already favors a further "capitulation" style event to take BTC/USD below May's $23,800 lows.
As Cointelegraph reported, current spot price action presents an increasing squeeze on miner profitability. Difficulty was set to decrease by an estimate 3.2% on May 25, its largest downmove since July 2021.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ethereum whales turn bullish with Shanghai upgrade less than a month away
Ethereum (ETH) whales holding between 1,000 and 10,000 ETH have been scooping up the altcoin consistently for a week. With the countdown to the Shanghai upgrade and the ETH token unlock event, there is a spike in Ethereum demand among retail investors.
Ripple price to close the week with a bang as next week will be crucial for another 20% profit
Ripple price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.
Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?
Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend.
Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?
Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.