BTC Tops $61K, But Traders Remain Cautious

Bitcoin topped $61,000, reversing some of its losses from the steep drop at the start of August. BTC has risen more than 4% in the last 24 hours, outperforming the broader crypto market, which has increased just over 2%, as measured by the CoinDesk 20 Index. Despite the gains, some trading funds remain cautious amid a busy week for data, warning of possible short-term tremors that could impede the rally. “Investors remain cautious ahead of US CPI this week,” crypto trading firm QCP Capital said in a Telegram broadcast. “They will closely watch inflation numbers for guidance on whether the Fed will cut rates by 50 or 25 bps in September. The odds are now evenly split.”