Bitcoin Hits Resistance Near $93K as Pi Network’s PI Drops 7%
Bitcoin (BTC) rebounded from a multi-month low below $82,000 and briefly reached about $93,000 before encountering immediate resistance and pulling back roughly $2.5K–3K to trade near $90.5K. BTC market capitalization remains above $1.8 trillion and dominance is around 56–57%. The latest session saw most large-cap altcoins soften: ETH traded near $3,000, XRP slipped under $2.40, while SOL and ADA fell about 3–4%. Pi Network’s PI was a notable mover, dropping about 7% in 24 hours to below $0.25 after earlier weekly gains. Other notable movers included M (up ~16% in one report) and QNT (up ~8%), while some earlier reports showed mixed small-cap outperformers (BCH, HYPE, XMR, SHIB, ENA, TAO). Total crypto market capitalization moved in the $3.07T–$3.17T range across reports, implying roughly flat to a ~$50B intraday decline. Key trading takeaways: BTC faces clear resistance around ~$93K — watch for a decisive break or rejection; BTC dominance remains high near 57% which can limit broad altcoin strength; PI’s volatility highlights idiosyncratic risk in token-specific news; monitor market-cap flow for signs of rotation into or out of altcoins.
Neutral
The news presents mixed signals for BTC specifically. On one hand, BTC’s rebound to about $93K demonstrates sustained buying interest and keeps market cap above $1.8T and dominance near 57%, which is constructive. On the other hand, BTC failed to clear the $93K level and pulled back ~ $2.5K–3K, indicating resistance and short-term upside limits. Pi Network’s PI falling ~7% is a token-specific volatility event and does not materially change BTC’s outlook, though it highlights idiosyncratic risk within altcoins. Altcoins broadly softened, consistent with elevated BTC dominance that can cap altcoin rallies. Overall, the balanced combination of a strong rebound but immediate rejection at resistance points to a neutral short-term impact for BTC price: traders should watch for a decisive breakout above $93K to turn the view bullish or a sustained drop below recent lows (~$82K) to turn it bearish. For altcoins, expect higher relative volatility and potential downside pressure while BTC dominance remains elevated.