The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to remain rangebound as the lack of volatility keeps them from rising further. Pi Network (PI) fell by 31% over the last 24 hours, slipping below $1.
In the news today:-
- Tether is set to launch QVAC, a decentralized development platform for AI agents, with a full release expected in Q3 2025. The platform will focus on creating modular AI tools for personal devices, and preliminary QVAC-based AI apps will be available before the full launch.
- Binance Research’s report highlights the rapid growth of the DeFAI sector, noting that AI meme coins dominate the AI crypto market with a 41% share. DeFAI, while growing, currently represents only 10% of the market cap in the AI crypto space.
The Crypto Market Holds Support
The total crypto market cap is currently down by $53 billion, standing at $3.27 trillion. Despite this, TOTAL is attempting to secure $3.28 trillion as support. This level will be crucial in determining whether the market can hold on to its recent gains or if further declines will occur.
Since the beginning of April, TOTAL has maintained an uptrend, showing resilience in the broader market. However, it’s not surprising that we may see some sideways movement around the $3.28 trillion level. This consolidation phase could allow the uptrend line to be tested again for confirmation.
If bearish market cues dominate the overall sentiment, the market cap could slip to $3.16 trillion, erasing a significant portion of recent gains. Such a decline could signal a prolonged period of consolidation or potential losses for the crypto market.
Bitcoin Is Looking For A Breakout
Bitcoin is currently trading rangebound between $105,000 and $102,734, sitting at $103,066. This price action suggests that BTC is awaiting a potential bounce. However, the cryptocurrency remains constrained and unable to breach significant resistance levels, highlighting the ongoing uncertainty in the market.
The lack of volatility is preventing Bitcoin from making any notable price movements. If the broader macro financial markets show improvement, Bitcoin could follow suit and make its way past the $105,000 resistance. Positive momentum in traditional markets may provide the necessary lift for Bitcoin to gain traction.
If Bitcoin’s price fails to maintain support at $102,734, the next level of support could be $100,000. A fall below this level would signal a bearish reversal, invalidating the current bullish outlook and potentially initiating a price correction for Bitcoin.
Pi Network Loses Crucial Support
Pi Network’s price dropped by 31% in the last 24 hours, trading at $0.85. The altcoin is currently the worst performer of the day, falling below the $1.00 mark. The sharp decline reflects broader market struggles and concerns about the coin’s stability amid the recent downturn.
With the current bearish momentum, Pi Network’s price is likely to test the $0.78 support level. If this support fails to hold, further losses could push the price down to $0.71. The selling pressure could continue, leading to a potential continuation of the downtrend unless strong support materializes.
However, if Pi Network bounces off the $0.78 support level, there’s a chance for the price to recover. Breaching the $0.87 resistance could signal a reversal, allowing the altcoin to reclaim its recent losses. A sustained upward trend could bring Pi Network back to $1.00, negating the current bearish outlook.
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