Bitcoin Price Holds Below $59,000 Ahead of This Week’s Fed Minutes (Market Watch)

The cryptocurrency market failed to capitalize on somewhat positive moves over the past few days and rallied during the European trading session on Monday morning.

Participants appear to be looking ahead to multiple US economic events scheduled over the weekend, including the minutes of the Fed’s latest meeting. Let’s dive in.

Bitcoin price remains below $59,000

The leading cryptocurrency by market capitalization did not settle above the fundamental level of $60,000. The bulls tried to push the price above it at times on Sunday, but could not sustain the buying pressure.

This led to a somewhat remarkable drop of 1.7% in the last 24 hours and the price is now below $59,000 as seen in the chart below.

Source: TradingView

This resulted in the liquidation of a total of $77 million in derivative positions, with $50 million of these being long-term.

According to the popular Cryptocurrency Fear and Greed Index, the current market is in a state of fear, slightly worsening compared to yesterday.

Part of the reason for the pullback may be that traders are now positioning in anticipation of upcoming US economic events during the week. One of them is the upcoming release of the minutes of the Fed meeting, which is scheduled to be released on Wednesday.

Altcoins post mixed results

The situation with the altcoin market is relatively mixed, with some coins registering slight gains, while others do not.

Source: Quantify Crypto

TRX, for example, is up almost 2% on the day. Interestingly, TRON has been the center of attention lately, with Justin Sun recently announcing the launch of the meme coin launch platform called SunPump.

It has generated a substantial buzz in the community, resulting in the creation of thousands of meme coins per day since its launch.

However, most cryptocurrencies remain uncertain in their performance. It’s worth noting that this is despite the broader stock market rallying, so there’s a slight decoupling in that regard.

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