Bitcoin dives to fill CME gap amid claim new all-time highs will take 2 years

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 downmove

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 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.

Two-year wait for $69,000?

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

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

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.

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

All Dutch and English crypto news!

How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?

Ethereum's native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in the...

6 Questions for Daniel Yan of Matrixport

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep...

Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe...

Nifty News: Yuga Labs breaks silence, X2Y2 outpaces OpenSea and more…

Yuga Labs has finally broken its silence over the conspiracy theory that alleges the team embedded alt-right and Nazi memes/imagery into the artwork and branding...

Beste exchanges

Koop je crypto bij Bitvavo