BTC Struggles at $59,500 as Institutional Selling Continues

Cryptocurrency markets are experiencing a downturn as Bitcoin (BTC) struggles to hold above $59,500. The price of BTC has been affected by persistent outflows from institutional investors, with spot Exchange Traded Funds (ETFs) recording an outflow of $231.10 million on Monday. This is the highest weekly outflow since February and could lead to further corrections in the price of BTC.

BNB, formerly known as Binance Coin, has also been under pressure, trading below $555 after a bearish technical breakdown last week. The token's spot ETFs have seen muted institutional demand, failing to provide support for falling prices. Technical analysis suggests that sellers could drive BNB towards its next key support at $488 if downside momentum persists.

Pi Network (PI) has hit a record low of $0.1120 and is under intense selling pressure. The token's Open Interest continues to decline, indicating reduced risk appetite among investors. With no catalyst in sight to lift retail demand, PI may continue to fall towards the $0.1000 psychological level.