Bitcoin has a peek above $60K before retracing

The price of Bitcoin is hovering around $58,500 this morning after peaking close to $62,000 over the weekend. Ethereum is priced at roughly $2,500 at the time of writing, down by more than 4%, similar to Bitcoin. As is typically the case, the alt-coin markets experienced more pronounced price movements than the top two cryptocurrencies by market cap. Solana is down 7% over 24 hours, with others such as Cardano and Polkadot in the red by more than 5%.

Some analysts attribute the lacklustre rally over the weekend to uncertainty ahead of a significant week for global economic data. The US and the UK are set to release the latest Consumer Price Index numbers on Wednesday. Lower inflation figures could support the Federal Reserve's expected plans to begin reducing interest rates in September. Historically, lower interest rates have been favourable for risk-on asset markets.

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