Bitcoin falls below $59k ahead of Fed meeting
The digital currency landscape didn't manage to build on its modest positive trends from the recent days and experienced a downturn during Monday's early trading hours.
Market players seem to be in a holding pattern, eagerly anticipating a series of US economic occasions set to unfold over the weekend, including the release of the latest Federal Reserve meeting's minutes.
The premier digital currency by market valuation struggled to secure a position above the critical $60k mark. On several attempts on Sunday, the bulls tried to elevate its value beyond this threshold, but the effort to maintain the momentum fell short.
This resulted in a noticeable decline of around 1.7% over the last day, positioning the price just under $59K, as depicted in the following chart.
This downturn led to the liquidation of derivatives positions valued at $77 million in total, with long positions accounting for $50 million of that figure.
The widely followed crypto fear and greed index indicates that the market is currently gripped by fear, showing a slight deterioration from the previous day’s sentiment.
A factor contributing to this market pullback could be traders repositioning themselves in anticipation of significant US economic updates expected throughout the week, including the anticipated Fed meeting minutes due out on Wednesday.
The altcoin sector shows a mixed bag of results, with certain tokens experiencing minor gains, while others didn’t share the same fate.
For instance, TRX has seen an upswing of nearly 2% today. Notably, TRON has captured significant interest recently, with founder Justin Sun unveiling a meme coin launchpad named SunPump.
This initiative has sparked considerable excitement within the community, leading to the creation of thousands of meme tokens since its initiation.
Overall, the performance of most digital currencies remains unpredictable. It's interesting to observe this amidst an overall uptick in the broader equities market, suggesting a potential disconnection between the two sectors.
