Bitcoin BTCUSD -1.70% and other cryptocurrencies fell on Monday, digital assets stumbling after the last leg of this year’s major rally lifted cryptocurrencies above key price levels. While catalysts are still to come, the next big move could take some time.

Over the past 24 hours, bitcoin’s price has fallen 1.5% to below $29,950, breaking through the critical $30,000 level it crossed last week for the first time since June 2022, when a sell-off in digital assets turned into a violent bear market. Bitcoin recently traded at $31,000 in a rally that has seen it rise more than 80% so far this year, but it has struggled to consolidate its recent gains.