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Pi Network (PI) Rally Fades, Bitcoin (BTC) Loses $63K: Market Watch

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The Sunday morning minor relief rally couldn’t continue for long, and bitcoin dived below $63,000 again on Monday and even dipped to $62,200 for the second time in just a few days.

The larger-cap alts have joined the ride, with ETH sliding below $1,850, and XRP heading towards a familiar support level.

BTC Dips Toward $62K

The previous business week began on a significantly more positive note, with BTC defending the $64,000 support and jumping to $65,600 on a couple of occasions. However, the second rejection was quite painful, pushing the cryptocurrency to under $62,800 just a day before the FOMC meeting.

Bitcoin’s volatility intensified in the hours before and after the event, in which the Fed ultimately maintained the rates unchanged, despite numerous calls for a hike. BTC jumped on Friday morning once again, reaching $65,400, where the bears stepped up a lot more viciously and drove it south hard.

In the following hours, the asset lost roughly three grand and dropped to $62,400. It rebounded to $63,000 on Saturday but dipped to $62,200 later that day. US President Trump’s canceled attacks against Iran and the promise of a new deal to reopen the Strait of Hormuz brought a relief rally on Sunday morning, but BTC was halted at $63,700.

The leg down on Monday was also unfavorable for the bulls, driving the cryptocurrency south to $62,200 once again. Although that level has stopped the free-fall, BTC remains over 4% down weekly. Its market cap has tumbled to $1.250 trillion, while its dominance over the alts is below 56.5% on CG.

BTCUSD August 3. Source: TradingView
BTCUSD August 3. Source: TradingView

Alts Back in Red

Ethereum was rejected at $1,980 during the July rally, and now struggles below $1,850 after another minor daily decline. XRP fights to stay above $1.05, a support level that was categorized as its ‘battlefield.’ If held, the token still has the chance for a major rebound, analysts asserted.

SOL, DOGE, RAIN, ADA, and XMR are also in the red, while HYPE and BNB have posted insignificant gains. Pi Network’s PI impressed over the weekend, posting some notable gains of 5-6% even as the market stalled. Today, though, its progress has stalled, and the asset is down over 5% to under $0.084.

MemeCore and Algorand are among the few alts in the green daily, while BEAT has plunged by 24%, followed by ONDO’s 6% crash.

The total crypto market cap has shed around $40 billion in a day and is down to $2.220 trillion on CG.

Cryptocurrency Market Overview August 3. Source: QuantifyCrypto
Cryptocurrency Market Overview August 3. Source: QuantifyCrypto

 

ポスト Pi Network (PI) Rally Fades, Bitcoin (BTC) Loses $63K: Market Watch に初登場した。 クリプトポテト.

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