Bitcoin Price Stalls Below $59K Amid Anticipation of Fed Minutes

As traders brace for this week’s Federal Reserve minutes, the cryptocurrency market has entered a phase of uncertainty, with Bitcoin struggling to maintain momentum.

Bitcoin’s Price Struggles Below $59K

The leading cryptocurrency by market capitalization has faced resistance around the crucial $60,000 mark. Despite several attempts to push past this level on Sunday, Bitcoin’s bulls were unable to sustain the upward pressure.

This resulted in a noticeable decline of approximately 1.7% over the past 24 hours, with Bitcoin’s price now resting below $59,000, as depicted in the chart below.

The drop led to the liquidation of $77 million worth of derivatives positions, with $50 million of those being long trades.

Market Sentiment Remains Cautious

According to the popular cryptocurrency fear and greed index, the market sentiment is currently in a state of fear, showing a slight deterioration from the previous day.

Traders seem to be repositioning themselves as they await significant economic events in the US, particularly the release of the Federal Reserve meeting minutes scheduled for Wednesday. These minutes are expected to provide insight into the central bank’s stance on future economic policies.

Altcoins Show Mixed Performance

The altcoin market is experiencing varied outcomes, with some cryptocurrencies recording modest gains while others continue to struggle.

For instance, Tron’s TRX has seen a nearly 2% increase over the day. TRON has been gaining attention recently, especially following Justin Sun’s announcement of a new meme coin launchpad called SunPump, which has sparked considerable excitement in the community. Since its launch, thousands of meme coins have been created daily.

Despite these individual successes, the overall performance of most cryptocurrencies remains uncertain. This trend persists even as the broader stock market has seen a positive movement, indicating a slight decoupling between the two markets.