Cryptocurrencies Price Prediction: Bitcoin, Pi Network & Hyperliquid – European Wrap 3 July

Bitcoin Weekly Forecast: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week. Institutional selling continued, with spot Exchange Traded Funds (ETFs) recording net outflows of over $520 million through Thursday, pointing to the eighth consecutive week of withdrawals.  Meanwhile, analysts suggest that the quarter-end portfolio rebalancing could provide short-term support for Crypto King.

Institutional demand continued to weaken so far this week. SoSoValue data show that spot BTC ETFs recorded an outflow of $526.64 million through Thursday. Unless Friday’s inflows are very significant, BTC is about to mark the eighth week of steady withdrawals. This signals that institutional demand continues to weaken and fails to provide a cushion against falling prices, with the largest cryptocurrency by market capitalization sliding to a 21-month low of $57,800 this week.

Pi Network Price Forecast: PI posts minor gains amid easing risk-off market sentiment

Pi Network (PI) shows minor recovery on Friday, a slow follow-through of the 2% rebound from the previous day. The recovery in PI aligns with the easing broader market risk-off sentiment, fueling speculative interest in the token. The technical outlook for PI indicates a potential near-term recovery within a broader downtrend.

The broader crypto market witnesses a mild recovery this week, with the US Federal Reserve Chairman Kevin Warsh acknowledging easing inflation risk and the lower-than-expected US Nonfarm Payroll data of 57,00 in June. The reduced expectations for further rate hikes ease downside pressure in the crypto market, lifting Bitcoin (BTC) above $60,000, in turn, boosting interest in altcoins. 

Hyperliquid Price Forecast: HYPE gears up for a higher leg as bullish momentum resurfaces

Hyperliquid (HYPE) extends gains above $66 on Friday, maintaining a long-term upward trend supported by its rising 50-day Exponential Moving Average (EMA) around $60. Retail demand for HYPE rises in the near term, with Open Interest up around 5% over 24 hours as funding rates hold above zero, while institutional demand remains muted so far this week.

Hyperliquid gains retail strength as Bitcoin’s recovery above $61,000 on Friday eases broader market risk-off. CoinGlass data shows the HYPE futures Open Interest (OI) is up 5% over the last 24 hours, reaching $2.67 billion. This indicates a positional buildup in HYPE futures, which typically indicates a risk-on sentiment. In addition, the funding rates plateau around 0.0084%, reaffirming a largely bullish positional buildup as traders are willing to buy long positions at a premium.