Bitcoin Price Update

Bitcoin price slipped slightly on Tuesday, continuing its underwhelming performance as risk sentiment remains limited ahead of a slew of key U.S. economic indicators this week.

Musk-Trump Talk Makes No Mention of Crypto

The discussion between Republican presidential candidate Donald Trump and Tesla CEO Elon Musk on X disappointed market participants hoping for a reiteration of crypto support from Trump. Despite previous support, the topic of crypto was not mentioned. Bitcoin fell 1.6% to $58,910.2.

Bitcoin Sees Limited Institutional Demand, Ether Inflows Rebound

Data from Coinshares showed that crypto investment products, especially those for Ether, saw strong inflows over the past week, with over $155 million in Ether inflows. In contrast, Bitcoin saw only about $13 million. Prices remain rangebound between $50,000 and $60,000, following steep declines last week.

Bitcoin More Likely to Drop by $5K Than Rise, Analysts Say

FxPro analysts predict a possible drop of $5,000 in Bitcoin’s price due to recent selling pressure and inability to sustain gains above $60,000. Recent RSI indicators suggest potential for further decline, particularly if U.S. inflation data released on Wednesday exceeds expectations.

Crypto Price Today: Altcoins Largely Flat, Inflation Data Awaited

Broader cryptocurrency markets traded largely flat, mirroring Bitcoin’s performance. Ether fell 0.9% to $2,651.18, while SOL, XRP, and ADA saw slight gains. Markets remain cautious ahead of upcoming U.S. inflation data set to influence Federal Reserve interest rate decisions.