Bitcoin, Pi Network, and Hedera Take Center Stage in the First Week of March 2025!

Jakarta, Pintu News – Cryptocurrency prices experienced a sharp decline last week after Bitcoin (BTC) plummeted below $80,000, while the Crypto Fear and Greed Index moved into the extreme fear zone.

This week, traders’ main attention will be on the upcoming Crypto Summit at the White House as well as the release of nonfarm payroll data on Friday (March 7, 2025). Some of the key cryptos to watch this week include Bitcoin (BTC), Pi Network (PI), and Hedera (HBAR).

Bitcoin (BTC) in the Spotlight: Awaiting Strategic Announcements at Crypto Summit

Bitcoin (BTC) price will be a major focus this week ahead of the Crypto Summit on Friday. One of the big possibilities to look forward to is the announcement of whether the US will launch Strategic Bitcoin Reserves (SBR) as part of a national digital asset strategy.

Read also: 3 Crypto with Rebound Potential in March 2024 According to Elliott Wave Analysis

Last week, Bitcoin briefly plummeted to $78,118, before bouncing back to $85,000, where it found strong resistance. If SBR is actually announced, this could be a significant bullish catalyst for BTC.

However, there are some risks that could affect Bitcoin’s price movements. Currently, BTC is trying to retest the important resistance level at $89,128, which serves as the neckline of the double-top pattern at $108,600.

Additionally, the distance between the 50-day and 200-day Weighted Moving Averages (WMA) is narrowing, potentially forming a death cross pattern, a technical signal often associated with bearish trends.

According to Crypto News (2/3/25), technical indicators are also giving warning signals. The Awesome Oscillator (AO) has been moving below the zero line since February 4, while the Relative Strength Index (RSI) is approaching the oversold zone.

With these conditions, there is a possibility that Bitcoin price will experience downward pressure again this week and retest support at $78,117.

Pi Network (PI)

Since its mainnet in February, the price of Pi Network (PI) has been quite volatile. After dropping from $2 to $0.59, the Pi price managed to rebound despite the general crypto market weakness. A surge in hopes of listing on Binance briefly pushed the price to a peak of $3.

However, in recent days, the price of Pi plummeted by more than 42% to $1.60 after developers again postponed the KYC grace period to March 14.

This week, Pi Network is back in the limelight due to a possible listing on Binance, which could open up opportunities for other tier-1 exchanges to follow suit.

This optimism comes after Binance held a poll, where more than 85% of participants supported the Pi Network listing.

Read also: Will Pi Network Surge to $10 Before March 14, 2025? Experts Weigh In!

Technically, the price of PI shows a falling wedge pattern on the hourly chart, where two narrowing downward trend lines indicate a potential breakout when the lines meet.

If this happens, Pi prices could experience a significant recovery in the near future.

Hedera (HBAR)

The price of Hedera (HBAR) saw a sharp spike last week after it forged a partnership with Swift, a company that handles trillions of dollars in transactions every year.

On the hourly chart (2/3/25), the price of HBAR surged from $0.1816 on February 28 to its peak at $0.2652. Currently, HBAR has broken the key resistance at $0.2308, which was previously the highest level on February 21.

Technically, HBAR forms a combination of a falling wedge and bullish pennant pattern, which is usually an indicator of further upside movement. A bullish pennant consists of a long vertical line followed by a triangular-shaped consolidation pattern, which is often followed by a bullish breakout.

With this pattern, the price of HBAR has the potential for a strong breakout, with the next target to watch is last weekend’s high at $0.2652.

Read also: Donald Trump Unveils US Crypto Reserves – Bitcoin, Ethereum, XRP, Solana & Cardano Soar!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Crypto News. Cryptocurrencies to watch this week: Bitcoin, Pi Network, Hedera Hashgraph. Accessed on March 4, 2025