Bitcoin edged down slightly on Monday, trading below $90,000 as a low-risk appetite and wait-and-see approach dominated trading ahead of a week packed with economic data and central bank decisions.
The world's largest cryptocurrency was trading down 0.4% at $89,768.6 by 9:54 AM Saudi time.
Bitcoin remains within a narrow range ahead of key US data releases.
Bitcoin has struggled to find direction in recent sessions, with investors hesitant to take new positions ahead of a series of key US data releases that are expected to shape interest rate expectations.
Markets are awaiting upcoming employment data, weekly unemployment claims, and November inflation figures, along with preliminary purchasing managers' index readings for December, for clues about the strength of the US economy.
Speeches by Federal Reserve Governors Stephen Miran and Christopher J. Waller will also be closely watched for clues about how policymakers view the outlook for interest rates.
Central bank meetings this week have further dampened sentiment across risk assets. Decisions from the Bank of Japan, the Bank of England, and the European Central Bank are also due this week.
Their decisions are expected to affect global liquidity conditions, which remain a key driver for cryptocurrencies.
Bitcoin's recent price action has been characterized by narrow trading ranges and low momentum, reflecting broader caution in financial markets.
Bloomberg reported on Monday that HashKey Holdings Ltd, operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion ($206 million) after pricing its initial public offering toward the top end of its target range.
The company sold 240.6 million shares at HK$6.68 per share, near the top of its HK$5.95-6.95 range, according to people familiar with the matter quoted by Bloomberg.
The report added that investor demand exceeded the available shares several times over.
Cryptocurrency prices today: Altcoins are quiet amid a risk-averse mood
Most alternative currencies were also quiet on Monday, moving in narrow ranges amid a broader risk-averse mood.
Ethereum, the world's second-largest cryptocurrency, rose 1% to $3,141.92.
XRP, the world's third-largest cryptocurrency, fell 0.6% to $2.00.
Solana declined slightly, while Cardano and Polygon traded with little change.
Among the meme currencies, both Dogecoin and $TRUMP fell by 0.5%.
