ביטקאָין דייווז צו פּלאָמבירן קמע ריס צווישן פאָדערן נייַ אַלע-צייט כייז וועט נעמען 2 יאָר

ביטקאָין (בטק) stuck to “rangebound movements” into May 24 as price action avoided expected volatility.

No joy for BTC bulls after DXY downmove

דאַטן פון קאָינטעלעגראַף מאַרקעץ פּראָ און 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 סאַמערייזד אין זיין לעצטע טוויטטער דערהייַנטיקן.

“Overall, range-bound movements.”

די אָנגאָינג 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 גערופן 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 געצויגן.

Continuing the macro theme, markets commentator tedtalksmacro 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.

You’d think that the dollar index dumping would mean higher equities and # בטק but nope!

The DXY is moving lower due to hawkish comments from the ECB and not due to a natural increase in risk-appetite… hence zero impact on crypto and stonks.

(The euro makes up ~58% of the DXY) https://t.co/jSd6KlJk3L pic.twitter.com/GXICGmV1Pd

— טעדטאַלקסמאַקראָ (@tedtalksmacro) מייַ קסנומקס, קסנומקס

Two-year wait for $69,000?

Looking ahead, meanwhile, hopes of significant gains for Bitcoin were few and far between.

פֿאַרבונדענע: ביטקאָין ס קראַנט סעטאַפּ קריייץ אַ טשיקאַווע ריזיקירן-באַלוינונג סיטואַציע פֿאַר בולז

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 בלאָק סאַבסידי כאַווינג, when the reward given to miners decreases by 50% from 6.25 BTC to 3.125 BTC per block.

No. I expect a good recovery after this last leg down (100-500% bounces depending on the coin), but later this year we could see the continuation of the bear market. Not expecting new ATHs until mid-late 2024 (post next halving) https://t.co/U7lfFPmSqN

- די קאַפּאָו פון קריפּטאָ (@CryptoCapo_) מייַ קסנומקס, קסנומקס

אַלגעמיינע קאָנסענסוס 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. שוועריקייט was set to decrease by an estimate 3.2% on May 25, its largest downmove since July 2021.

די מיינונגען און מיינונגען וואָס זענען אויסגעדריקט דאָ זענען בלויז די מחבר און טאָן ניט דאַווקע פאַרטראַכטן די קוקן פון Cointelegraph.com. יעדער ינוועסמאַנט און טריידינג מאַך ינוואַלווז ריזיקירן, איר זאָל דורכפירן דיין אייגענע פאָרשונג ווען איר מאַכן אַ באַשלוס.