Bitcoin (BTC) stuck to “rangebound movements” into May 24 as price action avoided expected volatility.
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.
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 #BTC 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
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