Pi Network Price Outlook as Bitcoin Faces a Strong Sell-Off Below $80k

Pi Network (PI) price remains above $0.15 on Wednesday, struggling to recover after a significant sell-off. The Pi coin price is under pressure as Bitcoin faces a strong decline below $80k, currently hovering around $75k. 

Top coins such as ETH, SOL, DOGE, and XRP have also suffered a decline in price. The wider crypto market is falling by 2.29%, and the market cap dropped to 2.56 trillion in the past 24 hours.

Pi Network Price Struggles Amid Broader Market Decline

Pi coin price plummet at $0.1588, reflecting a slight decline from previous levels. The Pi Network price has also been hovering above the support level of about $0.15, which is regarded as a crucial level of the token.

With the largest token unlock of the year, Pi Network is now testing a palm print check in its Know Your Customer (KYC) system.

The action focuses on increasing identity verification, given that an increasing number of users are ready to join the mainnet of the network. The network will issue approximately 189 million PI tokens in February, causing strain on the supply and price of the token.

The Centralized Exchanges (CEXs) flow of PI tokens has shown a net flow of 1.76M PI tokens during the past 24 hours. This indicates a risk-off mood among mainnet participants.

Although there have been efforts to rebound. The short-term bullish trend has not been able to take off, and there exists the threat of further depreciation of the price to the $0.1450 level. A daily close lower than this may result in a fall to the level of support at $0.14.

The Relative Strength Index (RSI) stands at 42, indicating that the market is in a neutral state and bearish. 

The Moving Average Convergence Divergence (MACD) is nearing the signal line, which is indicating the possible bullish crossover.

If the Pi coin price outlook for long-term recovery, the token could target $0.17 and $0.20 as the next major resistance.

Bitcoin Price Struggles as Sell-Off Deepens Below $80k

Bitcoin price is under bearish pressure due to having fallen below its April 2025 low, raising the worry of a further correction.

Heavy outflows by Bitcoin spot ETFs and massive whale selling have been credited to the sharp fall.

Over the past 24 hours, the BTC price fell by 2.88%, bringing its seven-day loss to more than 15%. Institutional selling and technical breakdowns have also contributed to the downturn, serving as a further reinforcement to bearishness.

Bitcoin spot ETFs experienced a massive outflow of $272 million, which was largely caused by Fidelity FBTC, whose net redemption was recorded at 149 million.  

As the Bitcoin price continues to slide, the $72,000 mark has become a key level, with many investors fearing panic selling if prices fall further. 

Should the future Bitcoin outlook recover, there are hopes it could climb towards $80,000, and even back to $90,000.

To sum up, Pi Network price faces pressure as market conditions worsen, with Bitcoin price also struggling. The supply issues increase before the token unlock. In case the bearish trend persists, the declines can be further. Recovery can be achieved if the market sentiment is improved.