Bitcoin was rejected near the $80,500 level on Monday morning after another attempt to establish control above the psychologically important $80,000 mark. The move pushed BTC below $79,000 before a modest rebound left it trading just above that threshold. Its market capitalization remained around $1.6 trillion.
The failed breakout continued a sequence of rejections that began in late August. Bitcoin tested $80,000 and $81,000 multiple times, but was consistently turned lower by hawkish commentary from Kevin Warsh, renewed Middle East tensions and Friday’s strong U.S. jobs report. After spiking to $82,400 on Thursday—its highest level since mid-May—BTC fell to $78,800 by Friday. Total crypto market capitalization stayed essentially flat near $2.710 trillion.
Derivatives data reflected fading conviction. Bitcoin open interest fell from 709,000 BTC on Friday to 670,000 BTC, the lowest since March 23, while perpetual funding rates moved toward zero. XRP futures open interest decreased to 2.29 billion tokens from a mid-month peak of 2.78 billion. Options positioning also showed caution, with $78,000 and $80,000 Bitcoin puts expiring September 25 among active contracts.
Large-cap altcoins presented a mixed picture. Ether remained below $2,500, BNB slipped beneath $750, and XRP fought to hold the $1.40 support area. On the upside, Chainlink rose about 9% to above $13, Bittensor gained 14% to $267, Mantle advanced 7.5% to $0.635, Internet Computer added 12.6%, and Worldcoin climbed more than 14.5%. Arbitrum was rejected near $0.20 and traded roughly 13% below its previous peak.
Pi Network’s PI token showed relative strength, holding above the $0.09 support zone and testing resistance near $0.095 without breaking through. While Bitcoin’s repeated failure at overhead resistance, declining futures positioning and fading altcoin momentum underscored a cautious market, PI’s stability stood out as broader gains proved difficult to sustain.
