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ARB was rejected violently at the $0.20 resistance and it’s down by over 13% daily.
ByJordan Lyanchev
<a href="https://xpertsstudio.com/bitcoin-falls-below-80000-as-fed-rate-hike-bets-rise/” title=”Bitcoin falls below $80,000 as Fed rate hike bets rise”>Bitcoin tried to take down the coveted $80,000 level once again on Monday morning but was denied once again, dipping below $79,000 before it found some support.
Ethereum remains inches away from $2,500, while XRP fights for the $1.40 support. LINK, TAO, MNT, ICP, and WLD have marked major gains from the larger caps.
BTC Fails at $80K
The primary cryptocurrency’s attempts to surge past $80,000 and $81,000 have been halted every time, starting from the middle of the last full week of August. At the time, it tried twice, only to be pushed south to under $77,000 on Friday after the hawkish speech by Kevin Warsh.
Nevertheless, it rebounded over the previous weekend and tapped $79,000 last Sunday before the resumed strikes in the Middle East resulted in another leg down to $77,000. The selling pressure built on in the following days, and BTC slipped to $76,400 on September 2/3.
This is where the bulls stepped up and didn’t allow another leg down. Instead, bitcoin went on the offensive on Thursday and skyrocketed by several grand to $82,400, the highest level reached since mid-May. Another rejection followed, though, after the strong US jobs report on Friday, and BTC dived to $78,800.
The weekend was less eventful, with BTC spending it trading sideways between $79,000 and $80,000. It tried to overcome the upper boundary on Monday morning, but it was stopped at $80,500 and pushed south to just under $79,000. It has rebounded to just over that level now, with its market cap remaining at $1.6 trillion on CMC.
PI Above $0.09, ARB Falls
Most large-cap alts have marked minor losses over the past 24 hours, with ETH struggling below $2,500, BNB dipping beneath $750, and XRP fighting to stay above $1.40.
In contrast, LINK has soared by 9% to well over $13, TAO is up by 14% to $267, MNT sits at $0.635 after a 7.5% daily jump, ICP has gained 12.6%, and WLD has rocketed by over 14.5%. ARB, on the other hand, was rejected at $0.20 and now sits 13% lower than its peak yesterday.
Pi Network’s native token remains well above the $0.09 support and even challenged the key $0.095 resistance, but it remains inches below it as of press time.
The total crypto market cap has remained at essentially the same spot as yesterday at $2.710 trillion on CMC.
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About the author
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato’s Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.
Source: cryptopotato.com