Bitcoin Stalls in $73,000 Range Despite Record Highs in Global Stocks; Next Catalyst Seen in US Regulation

Bitcoin and other major cryptocurrencies failed to stage a meaningful rebound even as global stocks climbed to record highs and oil prices fell. Market participants say the next catalyst for gains could come from clearer US regulation rather than easing geopolitical tensions.

CoinDesk reported on May 29 that Bitcoin was trading in the $73,000 range after falling about 6% over the past week. Ether traded below $2,000 and was down 6.4% over the same period.

Solana, XRP and Dogecoin also fell 4.9% to 6.7% in the past week. Hyperliquid, by contrast, rose 5.8%, bucking the broader crypto market.

The macro backdrop was favorable for risk assets. The MSCI All Country World Index rose 0.3% to a record high, while Asian stocks gained 2% and also set fresh highs. Brent crude fell to about $93 a barrel and has dropped more than 18% in May, its worst monthly performance since March 2020.

Oil prices fell after reports that the US and Iran had tentatively agreed to extend a ceasefire for 60 days and resume nuclear talks. The agreement still requires final approval from President Donald Trump, and Iran's Tasnim News Agency reported that the memorandum of understanding has not yet been finalized.

“The market had already priced in a relief rally on the ceasefire news,” Javier Martinez Espox, chief executive officer of sFOX, told CoinDesk. As Bitcoin failed to post further gains, that trade reversed. He added that institutional investors are now paying closer attention to regulatory developments in Washington than to headlines out of Tehran. “They are waiting for regulatory confirmation, not just an improvement in the macro backdrop.”

Analysts at FxPro said Bitcoin is trading below its 50-day moving average, while its 200-day moving average, a longer-term gauge, is also sloping lower. In their view, it is not yet time for a long-term bull market.

Swissblock had earlier said Bitcoin had entered a high-risk zone amid selling pressure and weaker demand for spot ETFs. With spot ETF demand softening and the market no longer reacting immediately to Iran-related headlines, the crypto market lacks a clear near-term catalyst to drive direction.