Bitcoin Hits a Wall Just Shy of $80,000

Bitcoin climbed right up to the $80,000 mark on Monday, missing the psychological level by only a single cent. This move kept the rally alive for a fourth consecutive day, though the price stalled shortly after hitting that peak. The market is currently waiting for a fresh spark to push it higher as the initial excitement from late last week starts to fade.

Altcoins that saw significant gains over the weekend have started to pull back. Traders are taking profits after a busy Sunday, cooling off some of the recent heat in the smaller cap tokens. Without new regulatory updates or major macroeconomic news to provide direction, the market seems to be catching its breath.

Investors are now watching to see if Bitcoin can build enough support to finally cross the $80,000 barrier. For now, the market is in a consolidation phase while participants wait for the next catalyst to determine the short term trend.