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Pi Network’s PI Reclaims Key Support, Bitcoin (BTC) Fights for $65K: Weekend Watch

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Bitcoin’s price jumped to $65,400 on Friday after the weaker-than-expected US jobs report, but it has lost some traction and has remained sideways at around $65,000.

Most larger-cap alts are slightly in the green, aside from HYPE and CRO. The latter has slumped hard after the Trump Media group canceled its partnerships with the company behind it.

BTC Eyes $65K

Last weekend was quite eventful for the primary cryptocurrency and the overall macro scene. BTC had plunged to $62,400 on Friday, tried to rebound to $63,000 on Saturday, but dipped to $62,200 later that evening. It jumped to $63,800 on Sunday after US President Donald Trump called off the scheduled attacks against Iran and raised hopes for an upcoming deal.

However, bitcoin dipped once again to $62,200 on Monday morning before it went on the offensive and spiked to $64,000 within hours. It continued to climb gradually in the following days and tapped $65,000 on Wednesday as the markets expected the deal between the US and Iran to be announced.

It turned out to be false hopes once again, and BTC slipped toward $64,000 on Friday morning after voting on the CLARITY Act was delayed again. Nevertheless, the weak US jobs report led to an immediate spike to $65,400 as the odds for a rate hike in September declined. Nevertheless, BTC was stopped there and now sits at around $65,000.

BTCUSD Aug 8. Source: TradingView
BTCUSD Aug 8. Source: TradingView

CRO Tumbles, BEAT Rockets

The big news from the past 24 hours within the industry is the decision by Trump Media, the company behind Truth Social, to cancel its partnership with Crypto.com. The effects were immediate for the latter’s native token, which tumbled by over 12% to a multi-year low of well under $0.05.

HYPE is down by over 3% daily, while ADA has dipped below $0.20 after its recent rally. In contrast, XMR has gained 3%, while DOGE, SOL, ETH, and BNB have marked insignificant gains. BEAT has skyrocketed by over 18% daily as its volatile ride continues.

Pi Network’s native token has jumped by 5% once again and sits above the key resistance at $0.09. Moreover, community sentiment remains bullish.

The total crypto market cap continues to be around $2.3 trillion, with little to no movement on a 24-hour scale.

Cryptocurrency Market Overview August 8. Source: QuantifyCrypto
Cryptocurrency Market Overview August 8. Source: QuantifyCrypto

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