Pi Coin is under persistent selling pressure in recent weeks, causing the price to drop to a multi-week low. The altcoin has declined sharply alongside broader market weakness, with Bitcoin being a significant drag.
Decreasing investor support and increasing withdrawals have intensified the downward pressure, limiting recovery attempts.
Pi Coin follows Bitcoin
On-chain metrics show that sentiment among Pi Coin holders is deteriorating. The Chaikin Money Flow indicates significant outflows, with the indicator dropping to an 8-month low. This suggests strong capital outflow, implying that investors are reducing their exposure due to persistent price weakness.
The ongoing selling shows that confidence is waning after several failed recovery attempts. Many holders seem unwilling to wait for a rebound and choose to close their positions.
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The macro momentum of Pi Coin remains strongly tied to Bitcoin's performance. The correlation between PI and Bitcoin is currently 0.42. This relationship has turned positive after a steady increase over nearly three weeks. This coincides with the recent decline of Pi Coin.
This correlation is negatively impacting PI. When Bitcoin corrected, Pi Coin followed, exacerbating the losses. An increasing correlation in a downward trend often leads to greater vulnerability, as independent recovery is less likely without overall market recovery or specific positive events.
At the time of writing, the price of Pi Coin is $0.201 – a decrease of 25% in the last 20 days. This decline followed a failed attempt to break above the resistance of $0.272. That rejection led to a clear shift towards persistent bearish momentum.
Pi Coin is now testing support at $0.198, an 8-week low that previously served as a bottom. This level remains important. However, bearish signals persist, and a breakthrough downward could push PI further down to $0.188 or even $0.180, continuing the downward trend.
A recovery remains possible if patterns from the past repeat. A successful bounce from $0.198 could restore short-term confidence. If Pi Coin can reclaim $0.208 as support, the bearish outlook weakens. Such a rise could bring PI towards $0.217, which would mean a temporary rebound.
