Key data out this week includes the July U.S. PPI data, due later on Tuesday, and Wednesday's July U.S. consumer price index data.
CPI is expected to have gained 0.2% month on month. Retail sales data is due out on Thursday.
Bitcoin and Ethereum traded higher on Tuesday, ahead of key U.S. economic data releases that could influence the Federal Reserve's policy decisions.
BTC surged 1% in the last 24 hours, staying just under $59,000. Ethereum rose 2.5%, the second-largest cryptocurrency by market capitalization.
The wider cryptocurrency market was mixed. Major tokens including BNB, Toncoin, Dogecoin, and Cardano notched gains of as much as 3%,
The CoinSwitch Markets Desk mentioned, " Bitcoin is trading sideways and looking for support near the $58,000 level
Investors are awaiting this week's critical data to decide on market direction.
The U.S. CPI data to be released tomorrow would set short-term price volatility."
"Bitcoin has consolidated around the $59,000 level as markets
Bitcoin has exhibited increased volatility since hitting a tough barrier at the $60,000 level.
The price of BTC hovers around $59,000 at this time of writing, evidenced by signs further declines may have been prevented.
If it doesn't hold at that level, Bitcoin would probably aim for a retest of the $57,000 level
The price of BTC hovers around $59,000 at this time of writing, evidenced by signs further declines may have been prevented
Bitcoin would probably aim for a retest of the $57,000 level