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.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.in a total of $77 million worth of derivatives positions being liquidated, with $50 million of them being long trades.This is all you need not to miss any price action in the raging crypto markets.
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 upcomingThe 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.
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