Bitcoin at $61,600 as market awaits US Core PCE report
Bitcoin is hanging around $61,600 today after dropping 1.31% in the past 24 hours, with everyone keeping an eye on the upcoming US Core PCE inflation report, which could impact Federal Reserve interest rates.
Ethereum stayed steady at $1,600. Altcoins like Binance Coin, Solana, XRP, and Dogecoin followed Bitcoin's lead.
The mood across the crypto market feels pretty cautious right now.
Analysts cite weak crypto institutional interest
Analysts say slow trading is mostly due to weak institutional interest and ETF outflows as people wait for big economic news from the Fed.
Vikram Subburaj, CEO of Giottus.com, suggests going for staggered, long-term investments when things get shaky.
Meanwhile, WazirX Markets Desk sees ongoing institutional activity and Ethereum's governance changes as promising signs.
Holding above $60,000 remains key for Bitcoin's short-term outlook.