The cryptocurrency market has turned bearish ahead of the Non-farm Payroll (NFP) data in the United States.
Bitcoin has dropped below the $70,000 level, while Ether is down 4% in the last 24 hours and now trades at $2,050.
Currently, traders are focusing their attention on the US jobs report due at 13:30 UTC.
The unemployment rate is expected to remain unchanged at 4.2% while nonfarm payrolls are forecast to drop to 59,000.
The NFP report is crucial since it can influence expectations around Federal Reserve interest-rate policy, often leading investors to reduce risk exposure ahead of the release.
PI, the native coin of the Pi Network, has lost 1% of its value since Thursday. It is now trading at $0.2013, relaxing after adding 20% to its value since the start of the week.
PI’s steady recovery over the past five days is supported by rising retail demand, as evidenced by massive withdrawals from Centralized Exchanges (CEXs).
Technical indicators are also extremely bullish, suggesting that the bulls might not be done pushing PI’s price higher.
Retail demand pushes PI higher
While the broader crypto market is underperforming, PI is down by less than 1% in the last 24 hours. The coin is up 20% so far this year, thanks to growing retail demand.
PiScan data shows CEXs’ supply dropped by 1.68 million PI tokens over the last 24 hours. The decline in CEX supply indicates rising investor demand.
Consistent outflows from CEXs support market recovery ahead of Pi Day, slated for March 14.
A similar rally was experienced a week before the Pi Network’s first anniversary as an Open Network last month.
Will PI extend its rally above the $0.20 psychological level?
The PI/USDT 4-hour chart is one of the few that are still bullish and efficient. The coin is up 20% this week, outperforming the other major cryptocurrencies.
Currently, the near-term bias is extremely bullish as PI reacted from a demand-zone.
If the coin holds and closes its daily candle above the 100-day Exponential Moving Average at $0.1960, it would confirm an upside breakout and allow PI to rally higher.
The Moving Average Convergence Divergence (MACD) stays above its signal line on the 4-hour chart, suggesting an increase in bullish impulse.
The Relative Strength Index (RSI) at 71 signals overbought conditions, indicating buyers are in complete control.
However, the oversold conditions could flip if buyers show signs of exhaustion.
On the flip side, if the bulls fail to hold PI’s price above the 100-day EMA and the daily candle closes below $0.1961, the coin could retest the 50-day EMA at $0.1761.
This support level will maintain the upside bias as long as it remains in play. Breaking this support zone will bring into focus the October 10 low of $0.1533.
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