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Bitcoin failed to break through 85,000, Pi Network has collapsed! What happened in the cryptocurrency market?
The total market value has decreased to $2.73 trillion.
The total value of the cryptocurrency market has fallen to $2.73 trillion, failing to maintain the $2.75 trillion threshold in the past 24 hours. This decline has led investors to adopt a cautious attitude in the short term. Analysts warn that if the support level of $2.61 trillion is broken, the market may face a deeper correction.
However, despite this, the overall market structure has not shown significant panic. If the support level can be maintained, the market may seize the opportunity for an upward rebound. In this process, investors need to avoid sudden movements.
Bitcoin is struggling to break through the resistance level of $85,000.
Bitcoin failed to establish a strong support level at $85,000, dropping to $84,622. This trend tested the strength of the bulls. If BTC successfully breaks through $85,000, the next resistance level is at $89,800.
On the other hand, due to potential selling pressure, the price may retreat to $80,301. This situation is seen as a key threshold that will determine the short-term direction of the market.
Due to the decline of Bitcoin, Pi Network has also fallen to the bottom, with losses reaching 20%.
One of the most eye-catching altcoins in recent days, Pi Network, has seen a sharp price drop of 20%, reaching a low of $0.93. This price has been recorded as the monthly low for the token. Currently, the level of $0.92 is acting as support, but if selling pressure continues, it may retrace to $0.76.
If the price of Pi can maintain balance at this level, it may quickly recover to $1.19. If the resistance at $1.43 is broken, investor confidence may be restored.
The development of Tether and the SEC is effective.
Another reason for the market activity is Tether's $33 billion investment in U.S. Treasury bonds. This move is interpreted as a signal that the company aims to establish stronger financial ties with the United States.
In addition, the statement by the U.S. Securities and Exchange Commission (SEC) that proof-of-work cryptocurrencies do not fall under the definition of securities has also garnered attention. This statement significantly increases the chances of projects like Litecoin and Dogecoin obtaining ETF approval.
No need to panic, but it's important to remain cautious.
Although there is currently no widespread panic in the market, the technical level is extremely critical. In particular, Bitcoin's struggle at the $85,000 threshold and the sudden drop of the Pi Network indicate that caution is needed in the market. It should not be forgotten that investors face significant risks and opportunities in this process.
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