The cryptocurrency market started the week on a weaker note, with Bitcoin slipping back below $63,000 and most major altcoins extending their losses. Pi Network surrendered its recent gains, while only a handful of tokens, including MemeCore and Algorand, managed to trade in positive territory.
Bitcoin Slides Back Toward $62K
Bitcoin began last week with strong momentum, successfully defending the $64,000 support level and climbing to around $65,600 on two separate occasions. However, both rallies were rejected, with the second decline pushing the cryptocurrency below $62,800 just ahead of the Federal Reserve’s policy meeting.
Price volatility increased around the Fed announcement, which ended with interest rates remaining unchanged despite expectations from some market participants for a rate increase. Bitcoin briefly recovered on Friday, reaching approximately $65,400 before heavy selling pressure triggered another sharp decline.
The leading cryptocurrency then dropped by nearly $3,000 to around $62,400. It recovered to $63,000 on Saturday before falling back to $62,200 later that day.
Optimism returned briefly on Sunday after US President Donald Trump canceled planned military action against Iran and spoke about a possible agreement to reopen the Strait of Hormuz. That news helped lift Bitcoin to about $63,700, but the rally quickly lost momentum.
Selling pressure resumed on Monday, sending Bitcoin back to roughly $62,200. While that level has once again provided support, the asset remains more than 4% lower over the past week. Its market capitalization has fallen to around $1.25 trillion, while its market dominance has slipped below 56.5%.
Altcoins Continue to Struggle
Ethereum failed to break above $1,980 during July’s rally and has now fallen below $1,850 following another daily decline.
XRP is hovering just above the $1.05 support level, an area that analysts continue to view as a critical battleground. Holding that level could keep the door open for a stronger recovery.
Other major cryptocurrencies, including Solana, Dogecoin, Cardano, Chainlink, and Monero, also posted losses. Hyperliquid and BounceBit recorded only modest gains.
Pi Network was among the strongest performers over the weekend, rising about 5% to 6% even as the broader market remained subdued. However, those gains quickly disappeared on Monday, with PI falling more than 5% to trade below $0.084.
MemeCore and Algorand were among the few cryptocurrencies posting daily gains, while BEAT recorded one of the largest losses, plunging 24%. ONDO also came under pressure, dropping around 6%.
The overall cryptocurrency market lost roughly $40 billion in value over the past 24 hours, bringing the total market capitalization down to approximately $2.22 trillion.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
