Bitcoin (BTC) is among the top cryptocurrencies to watch this week after the digital asset recorded mild gains after a late-minute recovery triggered by the bulls.
The rebound reverberated throughout the broader crypto market. Meme coins Dogwifhat (WIF) and Dogecoin (DOGE) also saw impressive gains.
Amid the rollercoaster ride recorded by the entire market, the global cryptocurrency market cap remained fairly stable this week, dipping to $2.11 trillion on May 1 and subsequently recovering to $2.35 trillion at last check.
With the latest figure representing a flat trading week for the market, here’s how some of the top cryptocurrencies traded over the past several days.
BTC, DOGE and WIF prices – May 5 | Source: Santiment
Bitcoin closes above 20-day EMA
Bitcoin’s start to the week was predominantly bearish, as the bears sustained the pressure from last week’s selloffs. As a result, BTC, which began the week at $63,106, immediately slumped to a low of $56,500 on May 1, dropping below the $57,000 mark for the first time since Feb. 28.
The bearish sentiments surrounding the market was evident in the performance of spot Bitcoin ETFs this week, which saw sustained outflows. As of April 29, BlackRock’s iShares Bitcoin Trust (IBIT) saw no inflows for the fourth consecutive day, as investors remained wary.
However, on May 1, as BTC collapsed to $56,500, IBIT recorded its first outflow since launch, seeing a capital exit of $36.9 million that day, with the ETF market observing $563 million outflows, the largest on record.
Interestingly, following this bearish period, Bitcoin immediately staged a recovery push, witnessing three consecutive days of gains from May 2 to 4. BTC increased 9.47% within this period, essentially recouping most of the latest losses.
This recovery coincided with the U.S. labor market report, which bolstered the uptrend, as data triggered bullish expectations. As Bitcoin recovered the $64,000 mark on May 4, the premier crypto closed above the 20-day EMA for the first time in three weeks. BitMEX founder Arthur Hayes projected an imminent but gradual price rebound.
Currently trading for $63,686 at last check, Bitcoin has held up above the 20-day EMA ($63,351), as it currently flirts with the 50-day EMA ($63,892). A breach of the 50-day EMA could exert enough strength for the bulls to push toward the pivotal Bollinger Band resistance at $67,506.
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WIF among top gainers with 21% upsurge
Dogwifhat emerged as one of the biggest gainers this week after a turbulent start to the week. WIF followed the direction of the rest of the market, but eventually outperformed Bitcoin and every asset among the leading 100 cryptos when the market recovery ensued.
The meme coin started this week with a bearish momentum that began upon its collapse from the $3.56 high on April 24. As BTC dropped below $57,000 on May 1, Dogwifhat equally hit a low below the $2.27 price territory. However, it eventually closed the day with a 4.34% gain, outperforming Bitcoin.
Dogwifhat sustained its recovery, spiking by over 31% from May 1 to 4 amid a 4-day winning streak. This uptrend allowed it reclaim the $3 mark for the first time since April 26, eventually breaking above the resistance at the top Bollinger Band ($3.3179) on May 4.
Nonetheless, this resistance level serves as a roadblock to the upsurge as the broader market lost steam. With the top band now sitting at $3.4009 amid a widening of the Bollinger Bands, WIF aims to secure a close above this level to maintain its short-term bullish momentum. The meme coin is up 21.82% this week.
DOGE ends nine-day losing streak
While the rest of the market witnessed intermittent declines and occasional gains during the latest market downtrend, Dogecoin saw consistent losses which spilled into this week. DOGE had been witnessing losses since a week ago, setting a losing streak of nine consecutive day from April 23 to May 2.
During this period, Dogecoin lost 20.86% of its value, culminating in a drop to $0.1201, its lowest price since March 1.
However, DOGE rode on the market rebound to end this losing streak, eventually recovering all its lost value amid a 37% spike from the low of $0.12407 on May 2 to a peak of $0.1700 on May 4.
This upsurge allowed the meme coin to breach the 50-day EMA ($0.1554) on May 4. As the market recovery lost momentum, DOGE recently retested the 50-day EMA, looking to leverage it as a springboard for more substantial gains when the upsurge resumes. Currently trading for $0.1613, Dogecoin is up 10% this week.
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