Bitcoin’s price stagnation at $79,500 was noted yesterday, with a subsequent drop of $3,000 in just a few hours. Other major cryptocurrencies also faced declines, notably ZEC, XMR, and HYPE.

Bitcoin’s Rejection at $79.5K

Bitcoin’s value slipped below $75,000 earlier in the week before a rapid ascent to $79,500 following news about a ceasefire agreement between the US and Iran. However, volatility persisted, and Bitcoin fluctuated in the $77,000 to $78,500 range. Additional market factors include the cancellation of a US delegation trip to Iran and a reported assassination attempt linked to a White House event. Recently, Bitcoin climbed back to $79,500 only to be rejected again, with its value dropping to $77,500.

Despite some recovery, Bitcoin remains under intense pressure, hovering below $77,000, with analysts predicting potential declines after the upcoming FOMC meeting. Currently, Bitcoin’s market capitalization is approximately $1.54 trillion, maintaining a dominance of over 58% in the cryptocurrency market.

Image Overview: BTCUSD April 28
BTCUSD April 28. Source: TradingView

Pi Network’s Performance

While Bitcoin has faced several challenges, Pi Network’s token has climbed over 5%, reaching nearly $0.60, defying the broader market decline and gaining 11% over the past week. Other noticeable performers include BCAP and HASH, both rising by 27% and 17%, respectively.

The general cryptocurrency market has taken a hit with a loss of over $30 billion in just a day, now totalling below $2.65 trillion.