With the increased volatility in the market, Arbitrum has started its month on a bearish note. Further, it has lost approximately 7% within the past day, resulting in it leveling out all its gains from the week. The Arbitrum token traded in a closed range between $1.4195 and $1.5467 for a while, following which the market gained momentum and the ARB price broke out of the resistance level. However, the rally was short-lived as it faced rejection at $1.6743, after which it traded sideways for a while.