Bitcoin slipped below $63,000 on August 1 as escalating US-Iran tensions pushed traders to sell, dragging the total crypto market cap down 1.03% to $2.16 trillion. Pi Network gained 6% and Pump Fun rallied 7.7%, defying the drop.
Geopolitical Tensions Drag Crypto Lower
Bitcoin dropped below $63,000 on August 1 as escalating tensions between the US and Iran pushed traders toward the exits. The sell-off caused $238 million in liquidations, according to Coinglass data, with 78% of the positions being long bets. The total crypto market cap fell 1.03% to $2.16 trillion as the tensions weighed on sentiment.
All but two of the top ten cryptocurrencies by market cap are trading in the red, with only Tron and Dogecoin posting slight gains of 0.42% and 0.40%, respectively. Still, the fear and greed index moved from "extreme fear" to "fear," suggesting there is some resilience among traders despite Bitcoin dropping to $62,900.
Bitcoin's Bear Flag Points to a Fragile Recovery
Green volume bars show buying pressure emerged after the drop, pushing Bitcoin back above $63,000 at the time of writing. Still, Bitcoin needs three straight closes above that level to confirm its uptrend is resuming. A bear flag on the four-hour chart suggests the gain might not last.
An RSI reading of 39 points to a bearish long-term outlook. A negative MACD line adds to signs that momentum favors bears. If Bitcoin closes below $63,000, the price could drop 4.5% to $60,345.
Pi Network and PUMP Buck the Sell-off
Pi Network is up 6% to trade at $0.086, defying the broader market drop. The token is forming a double bottom pattern after holding support at $0.007 on July 17 and again on July 28.
If the pattern plays out, Pi Coin could reach the psychological resistance of $0.10, and three straight closes above that level could push it toward $0.12. The rally comes ahead of Pi Network's Protocol 26 upgrade on August 11, with buyers positioning ahead of the event.
PUMP, meanwhile, climbed 7.7% to $0.0021, its highest level since February 17, with three straight days of rising volume pointing to fresh buying interest. A positive MACD line supports a bullish long-term forecast, and the token has pushed above its 200-day EMA of $0.0021 without yet closing above it. A close above the EMA could open the way toward $0.030; failing to hold could send PUMP back to its July 29 low of $0.0018.
Source: CoinGape
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