Cryptocurrencies Price Prediction: PI, Bitcoin & Crypto – European Wrap 20 February
|Pi Network Price Forecast: PI recovery stalls amid profit-taking
Pi Network is trading around $0.1750 at press time on Friday, reversing from a crucial resistance level after a steady recovery earlier this week. More than 4 million PI tokens were deposited on Know-Your-Business-verified (KYB) Centralized Exchanges (CEXs) in the past 24 hours, suggesting a profit-taking phase weighing on the recovery. The technical outlook for Pi Network turns bearish, putting focus on the 50-day Exponential Moving Average (EMA) at $0.1771 as the last line of defense.
Bitcoin Weekly Forecast: No recovery in sight
Bitcoin (BTC) price continues to trade within a range-bound zone, hovering around $67,000 at the time of writing on Friday, and falling slightly so far this week, with no signs of recovery. The ongoing price action heightens the risk of a breakdown as institutional demand continues to weaken, pointing to a fifth consecutive week of withdrawals from spot BTC Exchange Traded Funds (ETFs). In addition, hawkish Federal Open Market Committee (FOMC) Minutes, alongside rising geopolitical tensions between the US and Iran, are further pressuring the largest cryptocurrency by market capitalization.
Crypto Today: Bitcoin, Ethereum, XRP rebound as risk appetite improves
Bitcoin (BTC) rises marginally, nearing the immediate resistance of $68,000 at the time of writing on Friday. Major altcoins, including Ethereum (ETH) and Ripple (XRP), hold key support levels as bulls aim to maintain marginal intraday gains.
Ethereum is supported by the lower end of the narrow range at $1,900, while the psychological threshold at $2,000 appears to limit its upside. The remittance token, XRP, sits slightly above support at $1.40.
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.