Crypto Shockwave: Pi Network Crashes 16% as Bitcoin Fails to Break $86K—Is a Market Reversal Brewing?

Having suffered heavy volatility during the previous week, Bitcoin (BTC) continues to move through uncertain market conditions. The price of BTC plummeted sharply from above $83,000 to below $75,000 before recovering to its original level. Towards the weekend, Bitcoin was able to remain stable at $84,000 and prevent a possible fall on Saturday. On Sunday, there was a short-term price spike as BTC went on the attack, representing a more upbeat trend for the cryptocurrency.

BTC Challenges $86,000 Resistance

The start of the week brought a fresh wave of optimism, with Bitcoin pushing towards $86,000 for the first time in a week. However, despite initial success, it failed to break through that resistance and was pushed down to $83,000. The cryptocurrency showed resilience and made another attempt to rally, reaching a two-week high of $86,500 on Tuesday. Unfortunately, the rally was short-lived, as Bitcoin faced a sharp rejection and lost significant value, dropping back down to $83,000 in the hours that followed.

Current Market Performance

At the time of writing, Bitcoin is trading near $84,000 but remains over 2% down on the day. Its market capitalization has decreased to approximately $1.66 trillion, while its dominance over altcoins continues to rise, now at 61%. The fluctuations in Bitcoin’s price are indicative of the ongoing volatility in the crypto market, with the market cap shedding around $70 billion in just one day.

Altcoins Struggle to Maintain Momentum

Though altcoins were showing marvelous gains in the earlier part of the week, most of them have turned red now. The most significant falls have been in coins like SOL, ADA, AVAX, SUI, and HBAR, all of which have lost more than 5% in the last 24 hours. Ethereum (ETH) could not keep up its $1.6 support level, falling by 4%, and XRP fell by 4.6%, going below the $2.1 level.

Pi Network Faces Massive Drop

One of the largest altcoin market movements is that of Pi Network’s native cryptocurrency (PI), which has experienced a steep 16% plunge to below $0.6. This sudden drop comes on the heels of an earlier crash in which the price of Pi Network dropped by double digits in a very brief period.

Total Crypto Market Sheds $70 Billion

The cryptocurrency market’s overall market capitalization has also decreased, losing some $70 billion in one single day. At present, the overall crypto market cap is about $2.73 trillion. This again reflects the influence of the unstable price action among top cryptocurrencies, with investors still watching for possible trends in the next few days.