Bitcoin News Today: Pi Coin Hits New Lows But Technical Signs Suggest Short-Term Rebound Possible

Pi Coin continues to face significant downward pressure, with the token declining 1.2% in the past 24 hours and nearly 25% over the last month, reaching a new historical low [1]. Despite ongoing bearish momentum, some technical indicators are beginning to show signs of a potential turning point. The Bull-Bear Power (BBP) indicator, which assesses the balance between buyers and sellers, has started to climb since August 1, moving out of deep negative territory. A similar pattern was observed in mid-July before a minor rebound occurred [1]. This suggests that selling pressure may be easing, potentially setting the stage for a short-term price recovery.

On-chain sentiment data further supports the case for a near-term rebound. Social dominance—measured by the share of cryptocurrency discussions focused on Pi—has posted three consecutive higher highs since August 1. A similar trend was noted in mid-July, coinciding with a local price bottom and a subsequent bounce [1]. These signals, though not guarantees of a reversal, indicate that waning bearish strength and rising community attention could provide the necessary push for a short-term relief rally.

Meanwhile, Pi Network recently adjusted its mining rate to an all-time low, reducing it by 8% and encouraging users to lock up their tokens in exchange for increased rewards [2]. This decision has drawn criticism, with some users perceiving it as a strategy to consolidate control and limit liquidity. A recent Facebook post highlighted strong backlash against the token lockup initiative, with users expressing frustration over what they describe as unfair restrictions [3].

Looking ahead, Bitget has forecast that Pi’s price will hover around $0.3627 on August 2 and 3, with a slight increase to $0.3629 by August 7 [5]. While these predictions suggest minimal movement in the near term, they do not indicate an immediate sharp reversal. Binance also notes that Pi is showing early signs of stabilization and potential rebound, though no major reversal is evident in global market data [4].

The broader cryptocurrency market remains volatile, with Bitcoin and Ethereum both seeing sharp declines in early August. High-profile investors, including BitMEX co-founder Arthur Hayes, have been selling large portions of their holdings, signaling growing uncertainty among investors [9]. Meanwhile, Eric Trump has reiterated his bullish stance, calling the current downturn an opportunity for investors to accumulate. His comments reflect a contrast with the broader market, as spot Bitcoin ETFs recorded outflows of approximately $810 million in a single day, and Ethereum ETFs also saw their first outflows in 20 days [9].

Despite the immediate challenges, long-term Bitcoin holders remain confident in the asset’s resilience. For Pi Coin, however, the path to recovery will depend on addressing user concerns and restoring confidence in its governance and tokenomics. Traders are closely watching for any signs of movement back toward the $0.50–$0.52 range seen during its last rebound [1].

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Source:

[1] Coindoo - [https://coindoo.com/pi-coin-news-fresh-lows-may-set-stage-for-short-term-price-rebound/](https://coindoo.com/pi-coin-news-fresh-lows-may-set-stage-for-short-term-price-rebound/)

[2] CoinGape - [https://coingape.com/pi-network-adjusts-mining-rate-to-all-time-low-issues-lock-up-reminder-to-users/](https://coingape.com/pi-network-adjusts-mining-rate-to-all-time-low-issues-lock-up-reminder-to-users/)

[3] Facebook - [https://www.facebook.com/groups/393997509090616/posts/1250259666797725/](https://www.facebook.com/groups/393997509090616/posts/1250259666797725/)

[4] Binance - [https://www.binance.com/en/square/hashtag/PINETWORK](https://www.binance.com/en/square/hashtag/PINETWORK)

[5] Bitget - [https://www.bitget.site/price/pi-network/price-prediction](https://www.bitget.site/price/pi-network/price-prediction)

[9] Bitcoin Insider - [https://www.bitcoininsider.org/article/281396/crypto-crash-eric-trump-thinks-its-shopping-time](https://www.bitcoininsider.org/article/281396/crypto-crash-eric-trump-thinks-its-shopping-time)