Pi Network's PI Shows Resilience at Key Support, Bitcoin (BTC) Dips Below $87K: Market Watch

Bitcoin’s latest rejection at over $90,000 on Monday resulted in a continuous decline to under $86,500, and the asset is close to ending the year in the red.

Most larger-cap alts are in the red today as well, with XRP slipping further away from the $1.90 support, and ETH nearing the $2,900 support.

BTC Below $87K

The primary cryptocurrency experienced enhanced volatility at the end of the previous business week, especially since the release of the US CPI data for November, which was much better than anticipated. At first, BTC jumped to $89,500, but it was halted there and driven to a multi-week low of $84,400 in less than 12 hours.

The bulls intercepted the move and helped bitcoin recover some ground to over $89,000. The weekend was rather slow, as expected, but BTC went on the run once again on Monday, topping $90,400 for the first time in five days.

However, that was another short-term move as the bears quickly stepped up and didn’t allow further gains. Just the opposite, bitcoin has lost more than three grand since then and now struggles below $87,000.

Its market capitalization has declined to $1.730 trillion on CoinGecko, while its dominance over the alternative coins remains well above 57%.

Alts See Red

As mentioned above, the altcoins’ charts are quite underwhelming as well. Ethereum, which spiked to $3,060 just a couple of days ago, is now down to $2,920 after another 1.5% drop over the past 24 hours. BNB was stopped at $870 and is down to $835 as of now. XRP has lost the crucial $1.90 support, following a 1.5% decline since yesterday.

SOL, DOGE, ADA, BCH, and ZEC are also in the red daily with losses of up to 2%, while TAO has plunged by 5.5%. In contrast, CC has spiked by 6.5% to $0.09.

Pi Network’s native token has shown some resiliency amid the overall market weakness and has defended the $0.20 support after a 1.5% increase in a day.

The total crypto market cap has lost over $100 billion since the Monday peak and is down to $3.020 trillion on CG.