Crypto Market Update August 3: Easing Geopolitical Tensions Fail to Boost Bitcoin as PI, UNI Lead Losses

The crypto market trades in the red today, August 3, despite reports that the US and Iran will hold fresh peace talks. Bitcoin (BTC) has slipped below $63,000, while Ethereum (ETH) is defending the support at $1,800. Pi Network (PI) and Uniswap (UNI) are facing the biggest drop after the prices fell by 3.89% and 4%, respectively.

Crypto Market Retraces Despite Fresh US-Iran Peace Talks

Bitcoin (BTC) price is down by 0.93% to trade at $62,520 at the time of writing, while Ethereum (ETH) is down by 1.50% to trade at $1,838. Ripple (XRP) and Solana (SOL) are also down by 1.18% and 1.14%, respectively.

The drop comes despite President Donald Trump saying that the US and Iran will hold fresh talks for peace on August 3.

Trump’s statement comes barely two days after he threatened “very hard strikes” on Iran, with his remarks causing $280 million in liquidations across the crypto market as traders rushed to sell on fears of rising tensions.

Hence, Trump’s turnaround to state that he will now focus on peace talks was expected to bring back buyers and boost crypto prices.

Instead, most of the top ten largest cryptos are dropping, apart from Binance Coin (BNB), Tron (TRX), and Hyperliquid (HYPE) that are up by 0.43%, 0.41%, and 2.14%.

CoinGlass data shows that this drop has caused $148 million in liquidations, with long liquidations coming in at $96 million.

But this drop has not affected the market sentiment because the fear and greed index has moved from 27 to 28, suggesting that the upcoming peace talks between the US and Iran are boosting the sentiment.

Bitcoin Price Outlook Today as Bulls Struggle to Defend Key Support

The price of Bitcoin has dropped to the support of $62,200 as concerns grow in the crypto market that the unwinding Yen carry trade could reduce buying pressure.

If buying pressure drops and BTC closes below this support, the price could retest the July 13 low of $61,800.

The RSI reading of 61 suggests that the momentum is favoring bears, and this could push BTC to $61,800. The signal line also oscillates above the RSI line to suggest that the bearish momentum is becoming strong.

Still, the four-hour chart shows that Bitcoin has defended the support at $62,200 four times since July 13, suggesting that it is a good entry point for buyers. If it defends this support again and closes above it, BTC price could move to the resistance at $63,500.

Pi Network Sheds Gains as Drop to Fresh Lows Looms

Pi Network was among the top gainers in the crypto market last week after reports of a looming Protocol 26 upgrade caused a rise in buying pressure, and PI moved from $0.074 on July 28 to $0.088 on August 1.

But the weak trend in the broader crypto market is weighing on Pi Coin, and the price has dropped by 4% to trade at $0.082 at the time of writing.

If this drop continues, the price of Pi Coin could retest the support of $0.076. It could also move lower to collect liquidity at the July 14 low of $0.070.

Still, Pi Network is trading within a double bottom pattern. If it continues to trade above the support of $0.076, and buying pressure resumes, Pi Network price could reach the psychological resistance at $0.10, after which it could gain by 36% to $0.136.

UNI Price Retraces From Multi-Month Highs After Outperforming Crypto Market

Uniswap outperformed the crypto market in July 2026, with the price rising by 56% from $2.77 on July 1 to $4.34 on July 31. However, UNI is now shedding some of these gains as some traders begin selling to take profits.

Despite this drop, UNI price remains within a rising parallel channel. It needs to defend the support at the lower boundary of this channel to avoid a drop to support at $3.65.

The RSI reading of 59 supports a long-term Uniswap price prediction. It suggests that the upward trend portrayed in the rising channel could resume if the selling pressure coming from profit-takers eases.

The daily chart also shows that a golden cross is looming as the 50-day SMA nears the 200-day SMA. If the crossover occurs, UNI price could move to the December 2025 high of $6.50.

Catch up on yesterday’s biggest price moves in our Crypto Market Update August 2.