Pi Network Price Plummets 16%, Bitcoin Rejected at $86K (Market Watch)

Bitcoin’s price ascent came to a halt at $86,500 yesterday, where the asset faced enhanced selling pressure and dropped by over three grand in the following hours.

The altcoins are also in the red, with SOL, ADA, SUI, AVAX, and HBAR posting the biggest losses from the larger-cap cohort.

BTC Stopped at $86.5K

After last week’s violent rollercoaster, which saw BTC dumping from over $83,000 to under $75,000 and then recovering to the starting point, the cryptocurrency entered the weekend at around $84,000. It managed to defend itself from a possible price slip on Saturday and even went on the offensive on Sunday.

Monday began on an even more positive note as BTC challenged $86,000 for the first time in about a week. It failed there at first and was pushed south to $83,000, but the bulls seemed determined to continue this rally. The culmination, at least for now, came yesterday when bitcoin spiked above $86,000 and tapped a two-week peak of $86,500.

However, that was a brief run that ended there with a violent rejection. In the following hours, BTC lost a significant chunk of its value and dropped to $83,000 once again.

It has defended that level once again and now sits close to $84,0,00, but it is still over 2% down on the day. Its market cap has dropped to $1.660 trillion on CG, but its dominance over the alts keeps rising and is at 61% now.

Alts Back in Red

Most altcoins charted impressive gains over the past few days, but have turned red on a daily scale. The most painful declines come from SOL, ADA, AVAX, SUI, and HBAR, as all of those have dropped by more than 5% daily. Ethereum has lost the $1.6 support after a 4% slip, while XRP is below $2.1 after a 4.6% plunge.

Pi Network’s native token is back in the deep red, with a massive 16% drop to just over $0.6. Recall that PI’s price tumbled by double digits within an hour yesterday.

OM is the only evident exception today with a notable price surge, gaining over 25% daily after the recent crash.

The total crypto market cap has shed around $70 billion in a day and is down to $2.730 trillion on CG.

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