The cryptocurrency market failed to capitalize on the somewhat positive movements during the past couple of days and retraced during the early morning European trading session on Monday.
It appears that participants are awaiting multiple economic events in the US scheduled to take place during the weekend, including the minutes of the last Fed meeting. Let’s dive in.
Bitcoin Price Stalls Below $59K
The leading cryptocurrency by market cap failed to establish itself above the pivotal level of $60k. The bulls attempted to push the price above it on a few instances on Sunday, but were unable to sustain the buying pressure.
This led to a somewhat notable drop of about 1.7% in the past 24 hours and the price is now found below $59K, as seen in the chart below.
This resulted in a total of $77 million worth of derivatives positions being liquidated, with $50 million of them being long trades.
According to the popular cryptocurrency fear and greed index, the current market is in a state of fear, getting slightly worse compared to yesterday.
Part of the reasons behind the pullback may be because traders are now positioning themselves in anticipation of the upcoming economic events in the US during the week. One of them is the upcoming release of the Fed meeting minutes, that are scheduled to be released on Wednesday.
Altcoins Post Mixed Results
The situation with the altcoin market is relatively mixed, with some coins posting slight gains, while others failing to do so.
TRX, for example, is up almost 2% on the day. Interestingly enough, TRON has been the center of attention lately, with Justin Sun recently announcing the launch of meme coin launchpad called SunPump.
It has generated substantial buzz in the community, prompting the creation of thousands of meme coins per day since its launch.
All in all, most cryptocurrencies remain uncertain in their performance. It’s worth noting that this happens despite the broader stock market experiencing an uptick, so there’s a slight decoupling in this regard.
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Cryptocurrency charts by TradingView.
