Bitcoin’s rally halted yesterday at $79,500, and the price slipped in subsequent hours, dropping roughly $3,000 in total.
Aside from Dogecoin, most large-cap altcoins also posted losses over the past 24 hours, with ZEC, XMR and HYPE among the steepest decliners.
BTC Rejected at $79.5K
Bitcoin dipped below $75,000 at the start of last week, then surged to a multi-month high of $79,500 the next day after reports that the US and Iran extended their ceasefire agreement. In the days that followed, trading was choppy and relatively uneventful as BTC moved sideways between about $77,000 and $78,500.
The weekend stayed quiet despite political headlines, including the cancellation of the US delegation’s trip to the peace talks with Iran and a reported assassination attempt at a White House event. Volatility picked up again on Monday when BTC tested $79,500 for the second time in under a week.
That level acted as resistance once more, and Bitcoin promptly pulled back to $77,500. It recovered modestly to roughly $78,250 before sellers regained control and pushed the price down toward $76,500.
Although BTC has reclaimed some ground since that move, it remains under pressure below $77,000, and traders are watching tomorrow’s FOMC meeting for cues that could trigger further declines.
Bitcoin’s market capitalization sits below $1.54 trillion, while its dominance over altcoins remains above 58% on CoinGecko.
PI Bounces
Large-cap altcoins are mostly lower today. Ethereum is trading below $2,300, XRP has slipped under $1.40, and BNB is battling to hold above $625. SOL, TRX and ADA show modest declines, while ZEC has dropped about 6%, HYPE nearly 4%, and XMR close to 3%. Dogecoin stands out as one of the few large-cap gainers.
Pi Network’s native token is the top performer among the top 50 altcoins, rising more than 5% to nearly $0.60. The token has bucked the broader pullback on the weekly timeframe, gaining about 11% since last Tuesday.
Among smaller movers, BCAP and HASH posted the largest gains today, jumping roughly 27% and 17% to $106 and $0.0125, respectively.
The total cryptocurrency market capitalization fell by over $30 billion in the past 24 hours and now sits below $2.65 trillion on CoinGecko.