TL;DR:
- Bitcoin fell below $80,000 after another failed breakout, cooling a weekend altcoin rally and coinciding with declining futures open interest and softer funding rates.
- Pi Network’s PI remained above $0.09 and tested resistance near $0.095, showing relative stability while several larger crypto assets struggled or reversed.
- Bittensor, LINK, ICP and WLD retained gains, but market momentum weakened as Bitcoin resistance, bearish derivatives positioning and selective altcoin performance defined Monday’s trading.
Bitcoin slipped below $80,000 on Monday, abruptly cooling a weekend altcoin advance that had pushed smaller tokens into double-digit gains. The pullback exposed how fragile the rally remained while Bitcoin struggled to reclaim higher ground, with BTC trading near $79,300 after spending the weekend trapped below $81,400. Bittensor, Kaspa, Internet Computer and Celestia had each risen more than 12% over 24 hours, but much of that strength arrived before midnight UTC. Since then, momentum faded, with TAO barely higher, NEAR slipping, and broader derivatives positioning beginning to lean bearish as capital exited major futures markets.
The deterioration was visible across Bitcoin derivatives. Open interest fell from 709,000 BTC on Friday to 670,000 BTC, its lowest level since March 23, while perpetual funding rates moved closer to zero. The combination suggested traders were reducing bullish exposure rather than aggressively extending the weekend move. Ether and Solana showed similar patterns, while XRP futures open interest dropped to 2.29 billion tokens from a mid-month peak of 2.78 billion. Options activity also reflected caution, with $78,000 and $80,000 Bitcoin puts expiring September 25 ranking among the active contracts, even as call positions remained prominent.
PI Holds Its Ground As Broader Momentum Fractures
Pi Network’s PI token offered a contrasting picture. While many large-cap altcoins posted modest losses, PI remained above the $0.09 support area and challenged resistance near $0.095 without breaking through. That stability stood out as Bitcoin failed again near $80,000 and several other assets surrendered part of their weekend gains. LINK rose 9%, TAO gained 14%, ICP advanced 12.6%, and WLD climbed more than 14.5%, while ARB reversed sharply after rejection around $0.20. The mixed performance left the total crypto market capitalization unchanged near $2.710 trillion, underscoring a market where strength had become increasingly selective.
Bitcoin’s latest rejection followed several failed attempts to establish control above $80,000 and $81,000 since late August. The asset briefly reached $82,400 on Thursday before falling to $78,800 after Friday’s U.S. jobs report, then traded sideways during the weekend. Monday’s failure at roughly $80,500 reinforced resistance overhead while PI continued defending its key support zone. Bitcoin later recovered to just above $79,000, but the shift in futures positioning, fading altcoin momentum and selective resilience among individual tokens illustrated an unsettled market in which recent gains were proving difficult to sustain across the broader crypto complex.
