Pi Network price remained in a tight range this week, even as Bitcoin and other altcoins surged. Pi Coin (PI) was trading at $0.4900 on Friday, July 11, a few points above this week’s low of $0.4530. Still, there are…

Here’s why Pi Network price is primed for a short squeeze

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Bitcoin has set a new all-time high (ATH) above $118,000, but on-chain data 
from Glassnode shows BTC volume remains low despite the breakout. Bitcoin 
Volume Still At Historically Low Levels Just recently, Glassnode had revealed 
that volume related to Bitcoin had dropped to yearly lows, potentially hinting 
at the start of a summer lull. Now, following the breakout to new highs, the 
on-chain analytics firm has shared updated data in a reply to an X user, 
showcasing how volume has changed since. From the chart, it&#8217;s visible that 
both the Spot and Futures Volumes, corresponding to Bitcoin trading activity 
occurring on the spot and futures platforms, respectively, plummeted at the 
end of June and remained low into early July. Related Reading: Solana Breaks 
Out Of Symmetrical Triangle—Next Stop $164? With the latest price breakout, 
however, both metrics have seen an increase, suggesting activity has noted an 
uplift across both the spot and futures markets. That said, while there has 
indeed been an uptick in trading, volumes still remain low when compared to 
history. Historically, rallies have usually only been sustainable when they 
have been able to capture mass attention from the traders. This is because the 
fresh activity is what ends up providing fuel for these runs to keep going. 
&#8220;The takeaway here is that BTC hit an ATH despite thin liquidity &#8211; worth 
paying attention to,&#8221; notes the analytics firm. It now remains to be seen 
whether the activity increase would continue in the coming days or if the lull 
is here to stay. In some other news, a key Bitcoin indicator still remains 
outside the euphoria zone, as Glassnode has pointed out in another X post. The 
metric in question is the Net Unrealized Profit/Loss (NUPL) of the long-term 
holders. The NUPL measures, as its name suggests, the net amount of unrealized 
profit or loss that the BTC investors are currently holding. Here, the NUPL of 
the long-term holders (LTHs) specifically is of interest, who are the 
investors holding their coins for more than 155 days. Below is a chart that 
shows the trend in the Bitcoin LTH NUPL over the past year. As displayed in 
the graph, the Bitcoin LTH NUPL has observed a rise alongside the latest price 
rally as LTH profits have grown. However, despite this, the indicator stands 
at 0.69, which is under the 0.75 level that has historically separated 
euphoric markets. Related Reading: Bitcoin Breakout Not Just Hype—$4.4B 
Inflows Back The Move &#8220;This cycle has seen just ~30 days above the 0.75 
threshold, compared to 228 days in the previous cycle,&#8221; says the analytics 
firm. The metric was last above this level in February. BTC Price At the time 
of writing, Bitcoin is floating around $118,000, up over 9% in the last week. 
Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Bitcoin Breaks $118,000—But Liquidity Still Thin, Glassnode Warns

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Bitcoin’s record-breaking climb past $118,000 isn’t tied to Fed policy or 
equities. Instead, analysts say spot ETF demand and corporate treasury 
strategies are driving this historic move. Meanwhile, altcoins are surging in 
BTC’s wake. Bitcoin (BTC) shattered its previous all-time…