Investing.com– The price of bitcoin barely moved on Monday after rallying over the weekend, although the token still remained range-bound amid lingering caution over the outlook for U.S. interest rates.
The pair moved little in the last 24 hours and stabilized at $67,148.4 at 01:01 a.m. (CET) (05:01 GMT). It still remained within the $60,000 to $70,000 trading range established since mid-March, with few catalysts available for an immediate breakout.
Appetite for Bitcoin was also overshadowed by a stellar rally in metals markets. A combination of safe haven demand and long positioning hit an all-time high on Monday.
Bitcoin range-bound with more Fed signals on the horizon
This week the focus was squarely on more signals from the Federal Reserve, which are likely to influence the outlook for interest rates.
Remarks from the Federal Reserve's late April meeting are scheduled for this Wednesday, while a number of Fed officials (primarily members of the rate-setting committee) will speak this week.
Any further signals on interest rates will largely be in the spotlight, after some weak inflation readings in April put the market's attention squarely on a rate cut in September. But Federal Reserve officials warned that the bank needed to be more convinced that inflation was declining.
It also leveled off last week's losses, limiting any major upside in Bitcoin. Fears of possible geopolitical instability in the Middle East, after Iran's president and foreign minister were killed in a helicopter crash, also kept risk appetite low and traders moved towards safe havens such as gold. and the dollar.
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This came amid a decline in capital inflows into cryptocurrency investment vehicles, as enthusiasm for Bitcoin exchange-traded funds launched earlier this year dried up.
Crypto Price Today: Altcoins Follow Bitcoin's Moderate Moves
Most major altcoins also moved in a low-to-low range on Monday, tracking Bitcoin's moderate moves while sentiment remained subdued.
The world's No. 2 token rose 0.4% to $3,132.04, while it fell 0.8%. rose 1.7%.
Memecoins retreated, down 2.9% and 0.7%, respectively.
Altcoins have struggled to gain traction in recent months as the bulk of crypto capital flows remained heavily skewed towards Bitcoin. Potential regulatory action against Ethereum by the Securities and Exchange Commission has also dampened appetite for altcoins.
