Pi Network Price Jumps 15% as BTC Breaks Above $64K; Will Rally Continue?

Frank bevah
Frank bevah

Frank bevah

Market Analyst
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Pi Network Price Jumps 15% as BTC Breaks Above $64K; Will Rally Continue?
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Highlights

  • Pi Network price jumped 15% after rebounding from record lows.
  • Bitcoin surpassing $64,000 enhanced mood in the entire cryptocurrency market.
  • PI coin must clear $0.095 while defending $0.080 to sustain gains.

Pi Network price surged to $0.0826, becoming one of the top gainers across the cryptocurrency market during Wednesday’s trading session.

The Pi coin rose by 15% in 24 hours, far outpacing the 3% rise in the broader market.

Pi’s rebound followed a sharp decline that pushed the token to an all-time low of $0.07072 on July 14.

Although this is the latest recovery, PI is down 20% in the last week and this indicates strain throughout its market structure.

The gain seems to be associated with a technical bounce following extremely oversold circumstances which brought buyers close to record-low levels.

Bitcoin Price Breakout Above $64,600 Supports Broader Crypto Recovery

Bitcoin price also strengthened market sentiment after rising above the $64,000 resistance zone during the previous trading session.

The leading cryptocurrency gained 3.39% to $64,776, while briefly trading near $64,600 during Wednesday’s market activity.

Cooler-than-expected United States inflation data helped support the rally by reducing fears of additional Federal Reserve rate increases.

Pi Network price surged to $0.0826, becoming one of the top gainers across the cryptocurrency market during Wednesday’s trading session.The Pi coin rose by 15% in 24 hours, far outpacing the 3% rise in the broader market. Pi’s rebound followed a sharp decline that pushed the token to an all-time low of $0.07072 on July 14. Although this is the latest recovery, PI is down 20% in the last week and this indicates strain throughout its market structure. The gain seems to be associated with a technical bounce following extremely oversold circumstances which brought buyers close to record-low levels. Bitcoin Price Breakout Above $64,600 Supports Broader Crypto Recovery Bitcoin price also strengthened market sentiment after rising above the $64,000 resistance zone during the previous trading session. The leading cryptocurrency gained 3.39% to $64,776, while briefly trading near $64,600 during Wednesday’s market activity. Cooler-than-expected United States inflation data helped support the rally by reducing fears of additional Federal Reserve rate increases. That growth triggered risk-taking in digital assets, propelling Ethereum above $1,800 and boosting XRP price above $1.10. The next key test of Bitcoin is closer to $65,000, as well as the 50-day exponential moving average of $65,142. A decisive end above that area may initiate a push to the resistance zone of $68,000 to $70,000 as per the Bitcoin long-range prediction. However, failure to maintain support above $64,000 could trigger another pullback toward the $63,000 level. In the case of Pi Network, future profits could be determined by increased trading volume and overall robustness within the broader cryptocurrency market. Any break above local resistance has the potential to lengthen the rally and a renewed weakness may re-test the recent all-time low. Pi Network Exchange Holdings Reach $40 Million as Gate Leads According to Pi Scan, cryptocurrency exchanges currently hold roughly $40 million worth of Pi Network tokens. The stated balances are reported in OKX, Bitget, and Gate, and MEXC, Pionex, LBank, and Kraken. Gate holds the largest share, valued above $20 million. With the headline figure, the amount of exchange holdings is less than 0.05% of Pi circulating supply. This number indicates that the majority of tokens existing are not on centralized cryptocurrency exchanges. Additional token unlocks would slowly grow deposits as Pioneers transfer some holdings to exchanges. That change will however be as a result of market conditions, confidence as well as trading demand. Will Pi Network Price Rally Continue? The PI coin shot up to $0.08430, indicating a drastic increase after the lows witnessed in the recent past. Pi Network price is within an ascending channel, and the larger volume indicates a revived interest by buyers. The MACD created a bullish cross over and the histogram went back into positive territory. Nevertheless, both MACD lines are below zero, which constrains the belief in a long-term recovery. The RSI rebounded to 42.97 due to oversold, however the momentum is still below neutral. A close above $0.085 could lift the future Pi Network outlook toward $0.090, followed by the major $0.095 resistance. Breaking out of $0.095 can have open targets of $0.110 and $0.120 in case the market demand becomes strong. On the other hand, the loss of $0.080 might reveal $0.075 and further profitability would revisit $0.070.
Source: Coin360

That growth triggered risk-taking in digital assets, propelling Ethereum above $1,800 and boosting XRP price above $1.10.

The next key test of Bitcoin is closer to $65,000, as well as the 50-day exponential moving average of $65,142.

A decisive end above that area may initiate a push to the resistance zone of $68,000 to $70,000 as per the Bitcoin long-range prediction.

However, failure to maintain support above $64,000 could trigger another pullback toward the $63,000 level.

In the case of Pi Network, future profits could be determined by increased trading volume and overall robustness within the broader cryptocurrency market.

Any break above local resistance has the potential to lengthen the rally and a renewed weakness may re-test the recent all-time low.

Pi Network Exchange Holdings Reach $40 Million as Gate Leads

According to Pi Scan, cryptocurrency exchanges currently hold roughly $40 million worth of Pi Network tokens.

The stated balances are reported in OKX, Bitget, and Gate, and MEXC, Pionex, LBank, and Kraken. Gate holds the largest share, valued above $20 million.

With the headline figure, the amount of exchange holdings is less than 0.05% of Pi circulating supply. This number indicates that the majority of tokens existing are not on centralized cryptocurrency exchanges.

Additional token unlocks would slowly grow deposits as Pioneers transfer some holdings to exchanges. That change will however be as a result of market conditions, confidence as well as trading demand.

Will Pi Network Price  Rally Continue?

The PI coin shot up to $0.08430, indicating a drastic increase after the lows witnessed in the recent past. Pi Network price is within an ascending channel, and the larger volume indicates a revived interest by buyers.

The MACD created a bullish cross over and the histogram went back into positive territory. Nevertheless, both MACD lines are below zero, which constrains the belief in a long-term recovery. The RSI rebounded to 42.97 due to oversold, however the momentum is still below neutral.

Pi Network Price Jumps 15% as BTC Breaks Above $64K; Will Rally Continue?
Source: PI/USDT 4-hour chart: Tradingview

A close above $0.085 could lift the future Pi Network outlook toward $0.090, followed by the major $0.095 resistance. 

Breaking out of $0.095 can have open targets of $0.110 and $0.120 in case the market demand becomes strong. On the other hand, the loss of $0.080 might reveal $0.075 and further profitability would revisit $0.070.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Frequently Asked Questions (FAQs)

1. Why does Gate’s PI balance matter to traders?

Gate holds more than $20 million in PI, making it the largest reported exchange holder.

2. Can the Pi Network price rally continue?

The rally could continue if PI clears resistance and gains stronger trading volume.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.