Pi Network’s PI Finally Rebounds Sharply, Bitcoin (BTC) Eyes $70K: Weekend Watch

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PI has surged by almost 20% since its latest all-time low registered just a few days ago.

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Summarize with AI

Summarize with AI

Bitcoin’s impressive price ascent that began late on Friday drove the asset to a multi-day low of just under $70,000, where it faced some resistance.

The altcoin space is filled with notable gainers as well, with ETH surging toward $2,100, SOL going to $86, and XRP aiming at $1.45.

BTC Eyes $70K

After dumping to $60,000 on February 6, the primary cryptocurrency bounced off to $72,000 almost immediately but couldn’t penetrate that level and was sent south toward $68,000. The following several days were quite underwhelming as BTC spent them trading sideways between $68,000 and $72,000.

The upper boundary rejected the latest attempt on February 10, and bitcoin began to lose value rapidly, going down to $66,000 on February 12 and $65,000 on Friday morning. However, the bulls managed to defend that support and actually helped BTC reverse its trajectory.

They initiated a notable leg up that drove bitcoin to $68,000 $69,000 on Friday evening. After it stalled there for some hours, the bulls pushed the asset further to almost $70,000 on Saturday morning, but that resistance is yet to fall.

For now, bitcoin’s market cap has risen to $1.390 trillion on CG, while its dominance over the altcoins has remained relatively stable at 56.7%.

BTCUSD Feb 14. Source: TradingView

Alts on the Rise

Ethereum struggles mid-week as it dumped below $2,000 after the latest leg down. However, it reacted positively to this drop and now sits close to $2,100 after a 6% daily increase. XRP, which went down to $1.35 at one point, stands at $1.45 now after a similar daily increase.

Zcash is the biggest gainer from the larger-cap alts. ZEC has soared by 20% to $280, followed by HBAR (9%), BCH (8%), XLM (8%), and LINK (6%). SOL has shipped to $86 after a 7.3% daily jump.

Pi Network’s native token has finally shown some signs of revival. It’s up by 8% daily and 18% since its all-time low marked just three days ago, which prompted some analysts to speculate whether this is a sustainable recovery or just another dead-cat bounce before a new plunge.

The total crypto market cap has added roughly $100 billion in a day and is up to $2.455 trillion on CG.

Cryptocurrency Market Overview Daily Feb 14. Source: QuantifyCrypto

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Source: https://cryptopotato.com/pi-networks-pi-finally-rebounds-sharply-bitcoin-btc-eyes-70k-weekend-watch/