Pi Network Struggles to Keep Pace as Bitcoin Rallies

Pi Network is trading around $0.09 as the week draws to a close. Although the token recorded three days of gains, it continues to lag behind the rest of the market. While Bitcoin and several altcoins have pushed higher following the US Treasury decision to expand bond buybacks, buying pressure for Pi remains relatively low.

Derivatives data shows that interest in the token is growing slightly, with open interest rising to $9.30 million. However, this is still well below the levels seen earlier in July. This suggests that while some traders are starting to take positions, many remain cautious about committing significant capital to the project compared to other major assets.

Technically, the token is facing a tough path ahead. It needs to clear the $0.1000 mark and break past the $0.1022 resistance level to show any real strength. If it fails to overcome this zone, it could remain stuck in its current range. For now, traders are watching the support level at $0.0839, as a drop below this point could cancel out the recent recovery.