Bitcoin Holds $68K as Pi Network Token Surges 40% Weekly

Bitcoin’s price action remains underwhelming as the asset continues to hover around the $68,000 mark, having slipped below that level multiple times in the past 24 hours. This follows a period of extreme volatility earlier in the month, where BTC experienced a massive $30,000 decline in just over a week, crashing to $60,000 for the first time since October 2024. The bulls staged a dramatic intervention at that point, propelling a $12,000 recovery in a single day. However, this momentum was short-lived.

The recovery faced immediate selling pressure at $72,000, establishing a trading range between $72,000 and $68,000 that persisted for several days. Bitcoin briefly lost the $68,000 support a week ago but quickly reclaimed it, even rocketing above $70,000 during the weekend. This proved to be another ‘fakeout,’ as the price returned below $70,000 a day later. The latest rejection pushed BTC below $67,000 yesterday, but it has since stabilized just above $68,000, essentially unchanged from 24 hours prior. Bitcoin’s market capitalization remains steady at $1.365 trillion, while its dominance over alternative cryptocurrencies has declined to 56.2%.

While Bitcoin consolidates, the altcoin market presents a more dynamic picture. Ethereum (ETH) has reclaimed the psychologically significant $2,000 level after a modest 2% daily gain. Other major assets like XRP, BNB, DOGE, BCH, and CC are also slightly in the green. However, two tokens have captured significant attention: WLFI and Pi Network’s PI.

WLFI has stolen the show on a daily basis, surging over 17% in the past 24 hours to trade above $0.115, marking the largest gain among larger-cap altcoins. On a weekly scale, the standout performer is unequivocally the Pi Network token (PI). Despite dumping to a new all-time low of $0.1312 during the period, PI has staged a remarkable 40% weekly surge. Following an additional 6% daily increase, the asset now trades close to $0.19, demonstrating substantial recovery momentum from its recent lows.

The total cryptocurrency market capitalization has added over $25 billion in value in the past day, rising to $2.430 trillion. This overall gain occurs against a backdrop of Bitcoin’s stagnant price and slightly declining market dominance, suggesting capital may be rotating into select alternative cryptocurrencies. The performance of tokens like PI and WLFI, alongside modest gains for Ethereum and others, indicates a search for momentum outside of the flagship asset.

The current market structure reveals a tale of two trends: Bitcoin’s fragile battle to maintain support after a volatile correction, and the emergence of specific altcoins with explosive short-term performance. The 40% weekly surge for PI token, in particular, highlights how assets can rally sharply even from new lows, while Bitcoin’s struggle to break meaningfully above $70,000 continues to define the upper boundary for the broader market’s near-term trajectory.