The cryptocurrency market saw a sharp retreat last week, with Bitcoin dropping below $80,000 and the crypto fear and greed index moving into the extreme fear zone. This week, traders are focusing on key events, including the upcoming White House crypto summit and Friday’s nonfarm payroll data. Some of the top cryptocurrencies to watch include Bitcoin (BTC), Pi Network (PI), and Hedera Hashgraph (HBAR).
Bitcoin (BTC) Outlook
Bitcoin remains in the spotlight this week as investors await potential announcements from the White House crypto summit, particularly regarding the establishment of a Strategic Bitcoin Reserve (SBR). If confirmed, such an initiative would serve as a highly bullish catalyst for Bitcoin.
Last week, Bitcoin dropped to $78,118 before rebounding to $85,000, where it encountered significant resistance. The cryptocurrency is now attempting to retest the $89,128 resistance level, just below the neckline of the double-top formation at $108,600. However, Bitcoin also faces downside risks, including a narrowing spread between the 50-day and 200-day Weighted Moving Averages, raising concerns about a potential death cross formation.
The Awesome Oscillator has remained below the zero line since February 4, while the Relative Strength Index (RSI) is nearing oversold territory. These indicators suggest that BTC may face renewed downward pressure, with a possible retest of the $78,117 support level.
Pi Network (PI) Price Movement
Pi Network has had an eventful trajectory since its mainnet launch in February. After initially dropping from $2 to $0.59, it rebounded to a high of $3, fueled by speculation about a Binance listing. However, the price has since fallen by over 42% to $1.6 following another postponement of the KYC grace period, now extended until March 14.
Pi Network will be in focus this week as Binance is expected to make a listing decision. A successful listing on Binance could open the door for other tier-1 exchanges to follow suit. Additionally, a community poll indicated that over 85% of participants support a Binance listing, further bolstering investor sentiment.
Technical analysis suggests that Pi Network may be poised for a rebound, as the token has formed a falling wedge pattern on the hourly chart. This pattern, characterized by two descending and converging trendlines, often precedes a breakout as the lines approach convergence.
Hedera Hashgraph (HBAR) Market Trends
Hedera Hashgraph experienced a significant price surge last week, driven by its newly announced partnership with Swift, the global payments network that handles trillions of dollars in transactions annually.
The token jumped from $0.1816 on February 28 to a high of $0.2652, surpassing the key resistance level of $0.2308, which had previously been the highest swing point on February 21. HBAR has now formed a combination of a falling wedge and a bullish pennant pattern, both of which are generally considered bullish technical indicators.
Given these patterns, HBAR may be on the verge of another breakout, with the next major resistance level to watch being the weekend high of $0.2652.
As the market navigates key economic and regulatory developments, Bitcoin, Pi Network, and Hedera Hashgraph stand out as cryptocurrencies to watch closely this week. Bitcoin’s movement hinges on the White House crypto summit, Pi Network’s trajectory depends on a potential Binance listing, and Hedera Hashgraph continues to benefit from its strategic partnerships. Traders should remain vigilant, as volatility and external market factors will play a crucial role in shaping price movements in the coming days.
