Bitcoin edged higher on Monday after a tough week, but remained weighed down by rising institutional redemptions and uncertainty about Federal Reserve policy as December approaches.

The world's largest cryptocurrency was trading up 1.4% at $87,0505.5 by 10:25 AM Saudi time.

Bitcoin fell by more than 10% last week to its lowest level in seven months near $80,000.

Continued outflows from Bitcoin ETFs

It fell to a low of $88,610.4 in the past 24 hours before recovering and returning above $90,000.

Data showed that US-listed Bitcoin spot exchange-traded funds (ETFs) experienced another round of outflows, extending their losing streak to a fourth consecutive week. According to SoSoValue, these funds recorded net redemptions of $1.22 billion for the week ending November 21, bringing total outflows over the four weeks to approximately $4.34 billion.

Meanwhile, these exchange-traded funds (ETFs) recorded record trading volumes during the same period, indicating what analysts are calling institutional capitulation. Trading in US-based Bitcoin spot ETFs exceeded $40 billion last week.

Doubts about the Federal Reserve persist despite growing bets on easing.

Macroeconomic uncertainties are adding pressure to cryptocurrencies. Market pricing now puts the probability of an interest rate cut by the Federal Reserve in December at around 70%, a sharp increase from around 44% just a week ago.

But despite the upbeat expectations, many Federal Reserve officials remain divided and continue to express caution, warning that inflation is still high and the labor market is strong.

Without a new catalyst, the cryptocurrency market may remain under pressure in the near term.

Uncertainty was further heightened by the recent US federal government shutdown, which delayed the release of key economic data. The missing data left markets in a state of limbo, raising doubts about the actual extent of the anticipated easing.

Investors are now awaiting crucial reports such as retail sales and producer price indices, due later this week.

Cryptocurrency prices today: Altcoins rise slightly after weekly declines

Most alternative currencies rose on Monday after sharp weekly losses, but remained within a limited range amid a cautious mood.

Ethereum, the world's second-largest cryptocurrency, rose 1.2% to $2,842.88.

XRP, the world's third-largest cryptocurrency, rose 1.7% to $2.07.

Solana rose by 1.8% and Cardano by 0.8%, while Polygon fell by 0.6%.

Among the meme currencies, Dogecoin rose by more than 2%.