“Don’t expect a return to $69,000 this year or next,” says one commenter.

Bitcoin (BTC) stuck to “range moves” until May 24 as price action avoided expected volatility.

BTC/USD hourly chart (Bitstamp). Source: Trading View
No joy for BTC bulls after DXY bear move
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back towards the $29,000 circle after failing to hold on to the $30,000 support.

Thus, on the hourly timeframe, the pair continued the familiar swing pattern between the two zones, refusing to explore more extreme areas up or down.

“The key hurdle for bitcoin is once again the $29.4k area. If it breaks -> next $30,000 test,” summed up Cointelegraph contributor Mikael van de Poppe in his latest Twitter update.

“Total range of motion”.
The annual meeting of the World Economic Forum also did not provide any significant signals for market movement in the early days, when bitcoiners gathered in Oslo for what Human Rights Foundation chief strategy officer Alex Gladstein called “diametrically opposed” to the Oslo Freedom Forum.

BTC/USD managed to close the CME futures gap that opened at the end of last week.

“US stocks are showing signs of a reversal this week. BTC fell with them and will now swing with them. It is clear that CME fills in the blanks. Don’t get left behind,” the popular Twitter account IncomeSharks continued.

CME Bitcoin Futures 1-hour candlestick chart. Source: Trading View
Continuing the macro theme, market commentator tedtalksmacro offered an explanation for why cryptocurrencies and risk assets more broadly are not adding to renewed weakness in the US dollar.

The US dollar index (DXY) was 102 points that day, three points below the 20-year high of last week.

Two years of waiting for $69,000?
However, looking ahead, the hopes for a significant rise in bitcoin were not high.

Related: Bitcoin’s current setup creates an interesting risk-reward situation for bulls

For Crypto’s Il Capo, a Twitter commentator known for his hard-nosed view of BTC price prospects, Hodler should only hope to break the current all-time high of $69,000 in 2024.

This year, another bitcoin block subsidy halving occurs with miner rewards dropping by 50% from 6.25 BTC to 3.125 BTC per block.

The general consensus is already calling for another “surrender” event for BTC/USD to drop below the May lows of $23,800.

As Cointelegraph reported, the current movement in spot prices is increasingly reducing the profitability of miners. Difficulty was expected to drop by around 3.2% on May 25, the biggest change since July 2021.

Source: CoinTelegraph