Cryptocurrency prices retreated sharply last week as Bitcoin dropped below $80,000

Cryptocurrency prices retreated sharply last week as Bitcoin dropped below $80,000, and the crypto fear and greed index moved to the extreme fear zone.

Cryptocurrency prices retreated sharply last week as Bitcoin dropped below $80,000, and the crypto fear and greed index moved to the extreme fear zone.

The main focus among traders this week will be on the upcoming crypto summit at the White House and Friday’s nonfarm payroll data. Some of the top cryptocurrencies to watch this week will be Bitcoin (BTC), Pi Network (PI), and Hedera Hashgraph (HBAR).

Bitcoin

Bitcoin price will be in the spotlight this week because of Friday’s crypto summit. A potential outcome of the event will likely be an announcement on whether the US will launch a Strategic Bitcoin Reserves or SBR.

Bitcoin price retreated to $78,118 last week, and then bounced back to $85,000, where it found substantial resistance. An SBR announcement would be a highly bullish catalyst for the coin.

(Chart showing key levels to watch for Bitcoin price this week)

However, Bitcoin faces some risks ahead. It is attempting to retest the important resistance level at $89,128, the neckline of the double-top pattern at $108,600. Also, the spread between the 50-day and 200-day Weighted Moving Averages has narrowed, risking a death cross formation.

The Awesome Oscillator has moved below the zero line since Feb. 4, while the Relative Strength Index has moved close to the oversold level. Therefore, there is a risk that the BTC price will resume the downward trend this week and retest the support at $78,117.

Pi Network

The Pi Network price has had an eventful performance since its mainnet in February. It dropped from $2 to $0.59 and then bounced back even as other cryptocurrencies retreated. It reached a high of $3 as hopes of a Binance listing rose.

(Chart showing key levels to watch for Pi Network price this week)

Recently, however, the Pi coin price crashed by over 42% to $1.6 after the developers postponed the KYC grace period again until March 14.

Pi Network price will be in the spotlight this week as Binance potentially lists it, a move that may trigger other tier-1 exchange listings. Hopes that Binance will list it after the conclusion of a poll in which over 85% participants voted in favor of it.

Pi Network price will likely bounce back now that it has formed a falling wedge pattern on the hourly chart. This pattern comprises two descending and converging trendlines, with a breakout happening when the lines nearly meet.

Hedera Hashgraph

Hedera Hashgraph price jumped last week after inking a partnership with Swift, which handles trillions of dollars annually.

The hourly chart shows that the token surged from $0.1816 on Feb. 28 to a high of $0.2652. It has moved above the key resistance at $0.2308, the highest swing on Feb. 21.

(Chart showing key levels to watch for Hedera Hashgraph price this week)

HBAR price has formed a combination of a falling wedge and a bullish pennant patterns. A bullish pennant comprises a tall vertical line and a triangle-like consolidation pattern.

Therefore, Hedera Hashgraph price will likely have a strong bullish breakout, with the next point to watch being the weekend high at $0.2652.