Bitcoin Flat at $69,000 as Dollar Recovers Ahead of Fed Meeting By – Bitcoin prices traded flat today after falling sharply over the weekend. As a result, the cryptocurrency retreated from its recent highs, with the market's attention now focused on further signals about US interest rates.

The world's largest cryptocurrency surged to $72,000 last week. It is close to the highest level reached in March. But it faced profit-taking and pressure from the dollar's recovery on Friday.

At 02:04 ET (06:04 GMT), it was up 0.3% to $69,534.4 in the last 24 hours.

Bitcoin Price Steady Ahead of Fed Meeting and CPI Data

Bitcoin's weekend decline comes after stronger-than-expected data caused traders to reconsider their bets on the central bank starting to cut interest rates in September.

Such ideas also help support money. This has a wide impact on the price of cryptocurrencies.

Employment data puts the focus on the upcoming Fed meeting. The central bank is expected to meet on Wednesday

But the central bank's view on interest rates will also be closely watched.

Inflation data will also be out on Wednesday ahead of the central bank's interest rate decision. The data is expected to show that inflation is above the central bank's 2% annual target. This reduces the central bank's confidence in starting to cut interest rates.

Long-term high interest rates can have a negative impact on the price of Bitcoin and other cryptocurrencies. This is because the sector mostly benefits from liquidity and loose credit conditions.

Crypto Prices Today: Altcoins Still Recovering from Losses

The entire crypto market saw heavy losses over the weekend. This is because concerns about higher interest rates have put pressure on the broader sector. The market is also facing gains after May's rally.

The world's second largest token is stable at $3,680.01 today. After losing nearly 4% on Friday

and rose between 0.3% and 1.4%, while meme currencies SHIB and DOGE fell 0.1% and 0.8% respectively.

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