Bitcoin (BTC) has emerged as a standout cryptocurrency to monitor this week, following a slight increase in value after a last-minute recovery spurred by bullish activity.
The ripple effect of this rebound was felt across the wider crypto market, with meme coins like Dogwifhat (WIF) and Dogecoin (DOGE) also experiencing significant gains.
Despite the market’s rollercoaster ride, the global cryptocurrency market cap remained relatively steady this week, dropping to $2.11 trillion on May 1 before bouncing back to $2.35 trillion at the latest update.
This stability in trading has provided insight into how some of the top cryptocurrencies have performed in recent days.
Bitcoin, DOGE, and WIF prices – May 5 | Source: Santiment
The beginning of the week saw Bitcoin facing bearish pressure as it struggled to recover from last week’s sell-offs. Starting at $63,106, BTC plummeted to a low of $56,500 on May 1, slipping below $57,000 for the first time since February 28.
The bearish sentiment was evident in the performance of spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust (IBIT) experiencing outflows as investors remained cautious.
However, after hitting $56,500 on May 1, Bitcoin quickly embarked on a recovery phase, witnessing three consecutive days of gains from May 2 to 4. This resulted in a 9.47% increase, regaining most of its recent losses.
The recovery coincided with positive U.S. labor market data, boosting bullish expectations. By crossing the $64,000 mark on May 4, Bitcoin closed above the 20-day EMA for the first time in three weeks, signaling a potential gradual price rebound according to BitMEX founder Arthur Hayes.
Currently priced at $63,686, Bitcoin remains above the 20-day EMA ($63,351) and is flirting with the 50-day EMA ($63,892). A breach of the 50-day EMA could provide the necessary momentum for bulls to push towards the critical Bollinger Band resistance at $67,506.
In other news:
– Arthur Hayes predicts market bottom and gradual uptrend
– WIF sees a 21% surge, emerging as a top gainer
– Dogwifhat outperforms Bitcoin with impressive gains
Dogwifhat experienced a turbulent start to the week, following the market trend before outperforming Bitcoin and other leading assets to secure significant gains during the market recovery.
Similarly, Dogecoin broke its nine-day losing streak by capitalizing on the market rebound, recovering all its lost value with a 37% increase from May 2 to May 4.
As these cryptocurrencies navigate the market’s ups and downs, traders and investors are keeping a close eye on their performance to determine future trends and potential opportunities.