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▲ Pi Network, PI/AI generated image
While Bitcoin (BTC) remains stuck below the $77,000 mark, Pi Coin of Pi Network (PI) has surged once again, capturing the market's attention.
According to a report by crypto media outlet CryptoPotato on April 28 (local time), Bitcoin recently surged to an 11-week high near $79,600, boosted by news of an extended ceasefire between the US and Iran, but failed to break the $80,000 resistance level and subsequently declined. Bitcoin is currently consolidating, with $77,000 acting as the lower support and $78,500 as the upper resistance. Market analysts suggest that Bitcoin bulls are experiencing fatigue from the short-term rally and have temporarily lost momentum.
In contrast to Bitcoin's sluggish movement, Pi Network's PI token is showing a notable recovery. The price of Pi Coin has risen over 5% in the last 24 hours, breaking past the $0.18 mark. Pi Network is recording top-tier returns in the altcoin market, driven by recent technical upgrades and expectations for ecosystem expansion. Additionally, in the broader cryptocurrency market, BCAP surged by 27% and HASH by 17%, ranking among today's best-performing assets.
Top altcoins by market capitalization are showing mixed movements. Ethereum (ETH) and Dogecoin (DOGE) saw slight increases, turning green, while XRP and Solana (SOL) experienced minor declines, showing weakness. Investors, in particular, are maintaining a wait-and-see approach ahead of tomorrow's scheduled Federal Open Market Committee (FOMC) meeting results. There is heightened tension in the market due to past instances where Bitcoin's price dropped after interest rate decisions.
While Bitcoin undergoes a correction with the psychological threshold of $80,000 in sight, specific projects like Pi Network are emerging as alternatives for capital inflow. Experts believe that for Bitcoin to regain upward momentum, firmly holding the $77,000 support level is the top priority. Whether Pi Network's rally is merely a technical rebound or will lead to sustained ecosystem growth will be determined by changes in trading volume over the next few days.
*Disclaimer: This article is for informational purposes only and does not constitute investment advice. We are not responsible for any investment losses incurred based on this content. This content should be interpreted solely for informational purposes.*
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