The total value of the cryptocurrency market (TOTAL) and Bitcoin (BTC) have experienced slight losses in the last 24 hours. However, stable market conditions are preventing significant price drops. Nevertheless, some altcoins, particularly Pi Network (PI), are standing out as the worst-performing crypto tokens of the day. Here’s a summary of today’s developments.
Cryptocurrency Market Gathers Strength
The total cryptocurrency market capitalization remains steady at $2.81 trillion, with only minor losses over the past 24 hours. The support level, particularly above $2.74 trillion, is crucial for maintaining market stability and preventing deeper price declines. If the current upward momentum continues, the market cap could rise to $2.93 trillion. Surpassing this level could bring the market closer to the $3 trillion mark and recover a significant portion of the losses incurred in March. This scenario could signal a renewed wave of confidence in the markets.
However, if market conditions worsen, the total market cap could fall below $2.74 trillion. In such a scenario, the market cap could decline to $2.61 trillion, creating a negative atmosphere that could slow down the recovery process.
Bitcoin Tries to Maintain Its Upward Trend
Bitcoin is currently trading at $87,196, with a decrease of less than 1%. The cryptocurrency is attempting to hold the support level at $86,822. This support level is considered a critical threshold for Bitcoin to sustain its recovery.
If Bitcoin can remain above this level, it may continue its upward movement and strengthen positive market expectations. If selling pressure does not increase, a significant drop in Bitcoin’s price is not anticipated. Conversely, with the preservation of the $86,822 support level, Bitcoin could bounce back and target the resistance at $89,800. This movement would support Bitcoin’s recovery trend and provide further momentum to the markets.
On the other hand, if Bitcoin loses this support level, a greater risk of decline may arise. BTC could first drop to $85,000 and then to $82,761. Falling below this level would invalidate bullish expectations and indicate the potential for further value loss.
Pi Network Approaches a Critical Support Level
Pi Network (PI) has lost 13% of its value in the last 24 hours, dropping to $0.82. The altcoin is nearing its next support level of $0.76. If selling pressure continues, the PI price could decline to this support level, leading to a deeper price drop.
PI continues to decline as it has failed to maintain its position above $0.92, approaching its all-time low (ATL) of $0.60. Investors’ cautious attitudes or adverse market conditions could increase the risk of a drop to this level.
However, if PI can regain the $0.92 support level, the price may rise again and target $1.19. Sustaining this level could invalidate the downward trend and make it possible to recover from recent losses.
