Bitcoin Dips as Monero Gains on Upgrades

Bitcoin (BTC) continues to face pressure, trading below $86,000 on Tuesday as profit-taking gains momentum. Corporate and institutional demand remains mixed, with MicroStrategy (MSTR) adding 334 BTC to its reserves, while spot Exchange Traded Funds (ETFs) saw a $89.90 million outflow on Monday. Rising US Treasury yields and a stronger US Dollar (USD) are adding to the challenges for Bitcoin, casting doubt on its ability to maintain bullish momentum.

Pi Network (PI) is holding steady around $0.0870 after a five-day decline. The network’s upgrade to protocol version 28 on the testnet brings it closer to mainnet adoption. Despite the upgrade, the technical outlook for PI remains bearish due to persistent downside momentum.

Monero (XMR) is sustaining gains above $560, with a roughly 3% increase from the previous day. The cryptocurrency announced the v3.0 release of Full-Chain Membership Proofs (FCMP++) and its new addressing protocol, CARROT beta stressnet. Retail demand for XMR remains strong, with futures Open Interest (OI) rising over 4% to $263.33 million in the last 24 hours. The technical outlook for XMR is bullish, with buyers testing a breakout of a key resistance trendline near $565.