Pi Network’s PI Token Finally Stabilizes as BTC Rebounds From 3-Week Low: Market Watch

After it was rejected at $82,000 last week, bitcoin’s nosedive drove it south to a three-week low of $76,000, where it finally found some support and rebounded slightly.

In contrast, several larger-cap altcoins have produced notable gains over the past 24 hours, including HYPE, ZEC, and BCH.

BTC Rebounds From $76K

The primary cryptocurrency tried to break out above the $82,000 upper boundary on several occasions in the past few weeks, only to be halted at $82,800 once and at $82,000 three times. The last such failed attempt took place last Thursday after the US Senate Banking Committee passed the CLARITY Act.

Bitcoin rocketed from $79,000 to $82,000 in a few hours, only to be halted once again and driven south hard. The subsequent rejection has been more painful than the previous ones. At first, it dipped below $80,000 by Friday evening, but it plunged to $77,500 on Saturday. After remaining calm on Sunday at around $78,000, it experienced another leg down on Monday.

This time, the bears drove it south to $76,000, which became its lowest price tag in over three weeks. The bulls finally intervened after this $6,000 decline in mere days, and didn’t allow any further drops, at least for now. Nevertheless, BTC still struggles below $77,000 after it was stopped there earlier today.

Its market capitalization is below $1.540 trillion, while its dominance over the alts has retreated to 58.2% on CG.

BTCUSD May 19. Source: TradingView

PI Finally Calms

ETH, SOL, BNB, TRX, XRP, DOGE, and ADA have remained at essentially the same trading levels as yesterday, with little to no actual moves. This is not the case with HYPE, though, as the asset has to just $12 away from its 2025 all-time high, as it continues to perform much better than its counterparties.