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Cryptocurrencies Price Prediction: Bitcoin, Pi Network & Monero – European Wrap 6 October

Cryptocurrencies Price Prediction: Bitcoin, Pi Network & Monero – European Wrap 6 October
FXStreet TeamFXStreet TeamFXStreet

Bitcoin Price Forecast: Rising yields, stronger US Dollar cap BTC upside

Bitcoin (BTC) remains under pressure, trading below $86,000 at the time of writing on Tuesday, as profit-taking intensifies. Mixed sentiment among corporate and institutional demand as Strategy (MSTR) added 334 BTC to its reserves while spot Exchange Traded Funds (ETFs) recorded a mild $89.90 million outflow on Monday.

Moreover, rising US Treasury yields and a stronger US Dollar (USD) are creating additional headwinds for the Crypto King and raising doubts about whether BTC's bullish momentum can sustain.

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Pi Network Price Forecast: PI pauses decline amid Protocol v28 release on the testnet

Pi Network (PI) hovers around $0.0870 at press time, holding steady after five consecutive days of decline. The network upgrade to the v28 protocol on the testnet brings the ecosystem a step closer to mainnet adoption. The technical outlook for PI remains bearish as downside momentum persists.

Pi Network’s testnet explorer confirms that the latest blocks are settled on protocol version 28 following the recent mainnet upgrade to v27. This positions the mainnet for the next upgrade, which will improve the network's handling of delays in transaction data and enable developers to upgrade groups of smart contracts at once and to change stored data more safely as their applications develop. 

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Monero Price Forecast: XMR tests bullish breakout of key resistance amid third stressnet release

Monero (XMR) holds steady above $560 at press time on Monday, sustaining its roughly 3% gains from the previous day. Monero announced the v3.0 release of Full-Chain Membership Proofs (FCMP++) and its new addressing protocol, CARROT beta stressnet. Retail demand for XMR remains firm, with its futures Open Interest (OI) up over 4% in the last 24 hours to $263.33 million. 

The technical outlook for XMR remains bullish, with a key focus on buyers testing the breakout of a key resistance trendline near $565. Monero announced the v3.0 beta stressnet release of its Full-Chain Membership Proofs (FCMP++) upgrade and its new addressing protocol CARROT.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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