Bitcoin staged a sharp recovery ahead of one of the most unpredictable Federal Open Market Committee (FOMC) meetings in years, bouncing from a daily low of $62,800 to trade back above $64,000. The de‑risking sell‑off that pushed the cryptocurrency to that low on Tuesday was swiftly reversed, with bulls stepping in as tensions between the US and Iran eased and traders positioned for the Fed’s policy decision. BTC’s market capitalization climbed to $1.29 trillion, while its dominance over altcoins rose to 57% – a clear sign of capital rotating into the benchmark asset during the uncertainty.
The broader crypto market followed Bitcoin’s lead, with major altcoins turning green. XRP advanced 3% to $1.09, ADA jumped 4.4% to $0.165, and ETH reclaimed the $1,900 level. UNI led the pack with a 5% gain, while BEAT rocketed 35% in a standout performance. However, the main focus among smaller assets was Pi Network’s PI token, which not only rebounded from its July 28 low but also saw a surge of over 10% in the following sessions, climbing from $0.074 to near $0.082.
PI’s bounce gained traction after several positive developments. The Digital Token Identifier Foundation registered PI under the ISO 24165 standard, granting it an internationally recognized Digital Token Identifier (DTI). Market participants interpreted this as a step toward institutional compatibility, reducing long‑standing compliance uncertainties and encouraging fresh buying. Simultaneously, the Pi Core Team instructed node operators to upgrade to the upcoming Protocol 26 (v26.1) before the August 11 deadline, promising improved network efficiency and hinting at the much‑anticipated Protocol 27. The team also distributed 10 million SLICE test tokens and expanded Automated Market Maker (AMM) price tracking on the Pi decentralized exchange testnet, demonstrating functional liquidity pools and DeFi infrastructure.
Technically, PI’s daily chart remains bearish, with the token still trading below all key moving averages (20‑day EMA at $0.0881, 50‑day EMA at $0.1048, 100‑day EMA at $0.1257, and 200‑day EMA at $0.1702). The RSI has recovered to around 37.5 after dipping into oversold territory, indicating easing selling pressure. On the 4‑hour chart, however, a bullish MACD crossover and a Chaikin Money Flow (CMF) turning positive above 0.06 point to improving short‑term momentum and returning capital. The first significant hurdle lies at the 20‑day EMA around $0.088; a decisive break above that could open the door to the 50‑day EMA near $0.105. Failure to hold the rebound, on the other hand, would likely send PI back toward the $0.074 support zone.
The total crypto market cap recovered roughly $40 billion from the Tuesday low, climbing to $2.27 trillion as sentiment cautiously improved ahead of the Fed’s announcement. With macro forces driving Bitcoin and ecosystem catalysts lifting PI, traders are watching both narratives closely for signs of a sustained recovery.
