Bitcoin Set for Weekly Gain, but Remains Within $50-$60k Trading Range

Bitcoin's price fell on Friday amid a dearth of any major positive cues for crypto assets, although losses in the token were limited by persistent

Bitcoin price edged lower on Friday in the absence of any major positive cues for the crypto market, though losses in the token were limited by persistent speculation of lower U.S. interest rates.

The token recovered a part of last week’s losses but still remained largely within a trading range established through most of this year, as retail interest in crypto waned and the hype around the launch of spot-Bitcoin exchange-traded funds died down.

Further weighing on the crypto market was uncertainty over the crypto regulatory outlook, as Democratic presidential candidate Kamala Harris was seen gaining an edge over Republican nominee Donald Trump following a heated presidential debate.

Bitcoin was down 0.5% to $57,891.5 by 01:22 ET (05:22 GMT).

Bitcoin set for weekly gain, but remains within $50k-$60k trading range

The world’s biggest cryptocurrency was trading up 6.9% for the week, with a bulk of these gains coming from bargain buying after Bitcoin logged steep losses last week.

The token remained squarely within a $50,000 to $60,000 trading range established through most of the year, as it continued to struggle for direction after making new record highs in March.

The token was seen decoupling further from gold, CryptoQuant data showed this week, with the yellow metal hitting a record high on Friday amid increased safe haven demand and bets on lower interest rates.

Bitcoin, on the other hand, has largely lagged even other conventional risk-driven markets, taking little support from the prospect of interest rate cuts by the Federal Federal Reserve.

Trump says no more debates with Harris

Pro-crypto presidential candidate Trump was seen losing ground against Harris this week after she was seen taking the victory in a heated presidential debate.

Trump, on his Truth.Social platform, said that he will not partake in any more debates with Harris, while engaging in personal attacks on his political rivals and also claiming he had won this week’s debate.

Trump losing ground offered some negative signals to crypto markets, given he has maintained a largely pro-crypto stance in his campaigning efforts. Harris, on the other hand, is expected to continue the Biden administration’s scrutiny towards the sector.

Crypto price today: Altcoins mixed amid rate cut speculation

Broader cryptocurrency prices were a mixed bag, although they mostly tracked mild losses in Bitcoin.

World no.2 crypto Ether fell 0.3% to $2,350.61. MATIC, ADA and SOL moved in a flat-to-low range, while XRP added 6%.

Among memecoins, DOGE rose 0.7%.

All eyes were peeled for an upcoming Federal Reserve meeting next week, where the central bank is widely expected to begin a rate cut cycle. However, markets were split over a 25 or 50 basis point reduction next week.