Cryptocurrencies Price Prediction: Bitcoin, Pi Network & Dogecoin – European Wrap 5 November
|Bitcoin Price Forecast: BTC steadies around $101,000 as easing US-China tensions offer market relief
Bitcoin (BTC) price holds near $101,000 at the time of writing on Wednesday, finding support near a crucial level amid easing US-China trade tensions. China’s decision to lift some tariffs on US agricultural products and US President Donald Trump’s move to cut levies on fentanyl-related imports helped calm global markets. Despite improved macro sentiment, US-listed spot Bitcoin Exchange Traded Funds (ETFs) record outflows of over $577 million on Tuesday, hinting at fading institutional demand for the largest cryptocurrency by market capitalization.
Bitcoin price steadies around $101,000 during the European trading session on Wednesday, after correcting by more than 8% earlier this week. This mild price resilience comes amid improving macro conditions, as the Chinese Finance Ministry announced on Wednesday that China will lift some tariffs on US agricultural goods starting November 10.
Pi Network Price Forecast: PI stabilizes as CEXs outflow reduce selling pressure
Pi Network (PI) trades above $0.2100 at press time on Wednesday, after a 5.49% loss on Tuesday. Amid the intraday struggle and the prevailing downtrend, the on-chain data reflects support from large wallet investors and retail traders.
Still, the technical outlook indicates a bearish shift incoming in the trend momentum. PiScan data shows a net outflow of 2.30 million PI tokens in the last 24 hours from the Know-Your-Business (KYB) verified Centralized Exchanges (CEXs) wallet balances. This indicates a 0.5481% decline in supply available on CEXs, reducing the selling pressure.
Dogecoin Price Forecast: DOGE steadies amid declining retail interest, bearish on-chain signals
Dogecoin (DOGE) edges higher by over 1% at press time on Wednesday, holding ground above the $0.15704 support level. Despite a bounce back from the $0.15456 low earlier on the day, both the on-chain and derivatives data suggest weak sentiment among retail and long-term holders.
Dogecoin, the largest meme coin by market capitalization, remains a speculative asset in the cryptocurrency market, primarily due to its community-driven nature. A decline in the interest of traders and long-term investors could cause the DOGE market value to plummet.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.