Bitcoin fell back below $63,000 on Monday, touching $62,200 for the second time in a few days as the broader crypto market lost about $40 billion in value. The total market cap dropped to $2.220 trillion on CoinGecko, with Bitcoin's dominance slipping below 56.5%.
Bitcoin's double dip
The move lower came after a brief relief rally Sunday triggered by President Trump's canceled attacks against Iran and his promise of a new deal to reopen the Strait of Hormuz. That bounce stalled at $63,700. Bitcoin's market cap now sits at $1.250 trillion. The volatility followed last week's FOMC meeting, where the Fed held rates steady despite calls for a hike.
Altcoins mostly in the red
Ethereum slid below $1,850 after failing to hold above $1,980 during July's rally. XRP is fighting to stay above $1.05 — a level one observer called its 'battlefield.' Pi Network rallied 5-6% over the weekend but then gave it all back, falling over 5% to under $0.084. Solana, Dogecoin, Cardano, and Monero are all in the red. HYPE and BNB posted only insignificant gains. Among the few green altcoins: MemeCore and Algorand. On the losing side, BEAT plunged 24% and ONDO crashed 6%.
Macro and geopolitical headwinds
The Fed's decision to keep rates unchanged disappointed some traders who had hoped for a more aggressive stance against inflation. Trump's Middle East comments provided a short-lived boost, but the market couldn't hold the gains. With no clear catalyst for a reversal, traders are watching whether Bitcoin can defend the $62,000 level or if another leg lower is in store.
The coming days will test whether support levels hold. Bitcoin's repeated failure above $63,700 suggests resistance is firm. For altcoins, the focus is on XRP's $1.05 line and whether Ethereum can reclaim $1,900. The next major macro event is the release of U.S. jobs data later this week, which could set the tone for risk assets.
