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

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.

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