Bitcoin (BTC) experienced slight losses despite a late rally against the week-long downward pressure. On the other hand, altcoins Worldcoin (WLD) and SingularityNET (AGIX) saw modest gains.
In contrast to Bitcoin’s decline, the global cryptocurrency market capitalization saw a 1.26% increase, adding over $30 billion to reach $2.4 trillion.
Bitcoin started the week with a downward trend, dropping over 5% in seven days. Despite holding above $65,000 initially, Bitcoin closed below the 50-day EMA on April 16 for the first time since January, signaling a shift from bullish to bearish sentiment.
BTC retested the $59,000 level on April 17, closing with a 4% drop but rebounding to the $60,000 zone. Interestingly, the $59,000 level served as a launchpad for Bitcoin’s recovery, with a 3.65% gain on April 18. The bearish pressure didn’t halt this upward trend, with Bitcoin hitting a high of $65,450 post-halving but still trading lower on a weekly basis. Currently, Bitcoin is trading at $64,962, just above the 50-day EMA.
SingularityNET faced a downtrend last week, breaking below the 50-day EMA and hitting a six-week low of $0.6070. Despite a mild rebound, AGIX dropped 5.41% on April 15. AGIX had been trading within a symmetrical triangle for three weeks until it retested the support at $0.7666 on April 18. The token staged a comeback on April 20, breaching the upper trendline and the 50-day EMA.
Worldcoin also saw some notable movements this week. Despite an initial drop of 6.88% on April 15, Worldcoin quickly recovered with a 6.16% gain the next day. A tug-of-war between bulls and bears continued until April 19, when a 14.19% intraday gain was recorded on April 20, hitting a one-week high of $5.66 before facing resistance. On-chain data suggests that Worldcoin may struggle to breach the $6 mark, facing a strong sell wall at $6.09.
Despite some short-term bearish sentiment, Worldcoin remains 7% up for the week, with potential for growth indicated by its RSI of 42. Currently trading at $5.5, Worldcoin would need broader market support to surpass the $6 threshold.