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.