Bitcoin's Rally Ends as Altcoins Hand Back Gains

Bitcoin's weekend rally has come to an end as it lost 1.3% of its value since midnight UTC, trading around $79,300 on Monday.

The cryptocurrency spent the weekend trapped in a tight trading range after failing to break out above $81,400.

In contrast, altcoins did most of the heavy lifting over the weekend and are now handing back a portion of their gains. Bittensor ($TAO) led the large-cap tokens with a 13% advance to $266 on $568 million of volume, but its move has slowed since midnight UTC.

Derivatives positioning suggests that sentiment has turned bearish, with the taker buy-sell volume ratio in crypto futures leaning short and bearish bets accounting for 51.6% of the flow.