Pi Coin Disconnects From Bitcoin: Is There More to Come?
While Bitcoin (BTC) has just hit a record high of $124,000, Pi Coin is showing signs of weakness as the price correlation between the two coins has dropped to an all-time low. The once-free cryptocurrency is struggling to hold the $0.40 support level, and is at risk of falling to $0.33 if buying pressure from large investors – commonly known as whales – fails to continue.
Short-term price pressure
To regain momentum, Pi Coin needs to hold the $0.40 support on the weekly chart and quickly reclaim the important demand zone at $0.60. However, the RSI is still in the neutral zone, indicating that the market has not yet determined a clear trend.
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Notably, the Chaikin Money Flow (CMF) indicator – which reflects the flow of money from institutional investors – has returned above the zero threshold after a period of decline. This reveals that whales have not left Pi, although the retail market has not responded accordingly.
Price behavior and investor hesitation
Observing the Bollinger Band, Pi Coin has repeatedly touched the midpoint but has not been able to break the upper resistance line since August 10. This is a sign that the demand from retail investors is gradually decreasing, although whales still maintain the flow of money.
If Pi closes the daily candle above $0.41, the bulls could regain the advantage and open up a recovery opportunity. Conversely, losing the support level would easily pull Pi back to $0.33 before it can regain momentum.
Conclusion
While Bitcoin continues to soar, Pi Coin is falling into a period of testing the community's confidence. This contrast shows that Pi still needs more support, not only from large investors but also from retail money to escape the current gloomy cycle.