Bitcoin Stabilizes Near $86,000 as Pi Token Struggles Below $0.09
Bitcoin stabilized near $86,000 on Monday, recovering from a volatile week that saw it briefly dip below $84,000 before rebounding. The cryptocurrency's market capitalization stood at $1.720 trillion, accounting for 59% of the total crypto market. Despite the swings, institutional interest remained strong, with Morgan Stanley's Bitcoin ETF surpassing 10,500 BTC in holdings.
Over the past week, Bitcoin faced rejection twice at $87,000 and briefly dropped below $84,000 before recovering. The Crypto Fear & Greed Index registered at 73, indicating a greedy market sentiment. However, this also raises the risk of sharp pullbacks if Bitcoin continues to struggle at the $87,000 resistance level.
Meanwhile, Pi Network's PI token continued to struggle, trading just below the $0.09 resistance level after multiple failed attempts to break through. The token's price hovered around $0.088, with a modest 24-hour gain of roughly 1.73%. The broader altcoin market remained subdued, with most coins trading sideways, although FIL and ZRO led gains among the top 100 with increases of 8-9%.
Key levels to watch include $85,000 as Bitcoin's support, $87,000 as immediate resistance, and $0.09 for the PI token. A sustained Fear & Greed reading above 70 could support further bullish momentum, but a third rejection at $87,000 might dampen near-term optimism.