Caution among Bitcoin investors, as it remains stuck in the $29,000 area

(Sharecast News) - Caution is strong among Bitcoin investors. The quintessential cryptocurrency, although moving higher, is stuck on Tuesday in the $29,000 area. The market seems to be waiting for the US inflation figures to be released on Thursday. In recent hours, Bitcoin has posted gains hovering around 0.4%, with the cryptocurrency showing a slight rise in a week in which the US inflation data is in the spotlight. Investors expect a pause in rate hikes at the Fed's next meeting in September, but the US CPI data could alter decisions if there happens to be a surprise.

Therefore, both Bitcoin and the rest of the crypto market are registering minimal volatility, as it is at its lowest point. This is a period that some analysts see as likely to be followed by an expansion of volatility.

At the moment, Bitcoin´s price has risen slightly and its market capitalization exceeds $567 billion, but it is still stuck below the resistance zone of $29,800. Will it reach $30,000 in the coming days?

Experts believe that the rally could start as long as the price continues to rise until it reaches $29,900. However, if the price falls below $29,000, Bitcoin´s price will continue its downward path.

As for the rest of the cryptocurrencies, XPR stands out, as it has staged a significant plunge in recent days, erasing more than half of its recovery. In fact, it is having difficulty maintaining its upward trajectory and its immediate future seems uncertain.

Among the other cryptocurrencies, Ethereum is starting to show a "flattening" trend. It trades at $1,814. Similar behavior is demonstrated by Tether, which moves at $0.99. For its part, Cardano remains flat at $0.29 and Solana rises to $23.24.