Pi Network’s PI Token Rebounds After New ATL, BTC Quickly Reclaims $60K: Weekend Watch

After plunging by several grand in the span of less than 12 hours, bitcoin finally rebounded from its multi-year low and now sits at around $61,000.

 

 

Although most altcoins are still in the red on a daily scale, they have managed to recover some of the losses. This is particularly true for ZEC, which bled out heavily yesterday, and PI, which marked consecutive all-time lows.

Bitcoin Recovers $2K

What a week it has been for bitcoin, and mostly for the bears. In fact, what a painful three-week period. The asset stood above $82,000 in mid-May before its calamity began, and it dumped to $74,000 at the end of the month. But that was just the start, as June, in just five days, brought a lot more pain.

Bitcoin quickly lost the $70,000 support, and then the bears were really in control. They started pushing it below one key support level after another. Thus, $68,000, $65,000, and $62,000 gave in before the assetcame inches away from the $60,000 bottom that managed to hold it during the February crash.

Although the buyers successfully defended it at first, that level finally gave in yesterday, and bitcoinplunged to just over $59,000. This became its lowest price since before the November 2024 US presidential elections. After losing about $23,000 in weeks, BTC finally showed signs of a minor recovery and has bounced to $61,000 as of now.

Its market cap is up to $1.225 trillion on CG, while its dominance over the alts has reclaimed the 56% level.

BTCUSD June 6. Source: TradingView

ZEC, PI Rebound

Although most crypto assets plunged yesterday, Zcash became the worst performer after a vulnerability in its code was uncovered and Arthur Hayesdumped his entire stash. At one point, ZEC had dropped by over 50%, going from $630 to under $300. However, it has reacted swiftly and now trades above $370.

Pi Network’s native tokenmarked several consecutive all-time lows after it dumped below $0.15 earlier this week. The latest, according to CoinGecko data, sits at under $0.12. However, it has managed to reclaim that level since then and now trades about 7% above the ATL.

ETH dumped to $1,500 yesterday but stands close to $1,600 now. BNB is back to $580, while XRP has returned to $1.10. XLM and CC are among the few alts in the green today.

The total crypto market cap dipped to $2.1 trillion yesterday, and although it has recovered some of its losses, it still sits below $2.2 trillion on CG.

Cryptocurrency Market Overview June 6. Source: QuantifyCrypto

 

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