The long-awaited conference dedicated to BTC took place from April 6-9. History was no doubt made during these three days that could change the said coin and also other crypto assets as well.
Strike, for example, announced that it has partnered with Shopify, NRC, and Blackhawk to promote Bitcoin adoption. Blockstream also announced the construction of a new solar-powered Bitcoin mining facility in collaboration with Block (formerly known as Square) and Tesla.
More bullish news for the crypto market as Próspera, a special economic zone located in Roatan, Honduras, has declared Bitcoin and other cryptocurrencies as legal tenders within its jurisdiction.
These bullish news were expected to have a massive positive impact on the industry and possibly cancel the impending downtrend that was prevalent. We are currently seeing the effect of as most crypto assets are currently on the second day of consecutive gains.
The Crypto Market Failed to Surge
However, the most recent state of the market could not erase the losses incurred over the last six days. The global cryptocurrency market cap was $2.16 trillion at the start of the week and increased by $10 billion, adding up to $2.17 T – the peak.
The market dipped to a low of $1.8 trillion but quickly recovered and closed the day at $2T. The week is coming to a close with KNC gaining more 30% and coming out as the top gainer with MINA chasing closely behind with a more than 16% increase.
Waves is the top loser over the last six days as it is down by 47% with AAVE is closing behind with a more than 26% decrease during this period. The downtrend cannot be overemphasized as the image below paints the market red.
Source: Coin360
Nonetheless, the global cryptocurrency market cap is back above $2 trillion and may close at this level. With a brief overview of the sector, let’s examine the performance of some assets in the top 10.
BTC/USD
As seen in the chart above, we know that BTC is down by a few percent. This will mark the second week of consecutive loss as the top coin also failed to record any significant increase last week and also lost a bit of its value.
The current seven-day period kicked off a little positive but failed to continue up the bullish path as a two-day downtrend started the next day. Tuesday saw bitcoin lose a small part of its value per unit and fail to recover.
Wednesday was no different but worse as the largest crypto by market cap lost more than 5%. Two days ago, BTC suffered an almost 3% decrease. With the week going as planned by the bears, the opposition have successfully regained control over the weekend.
Bitcoin is currently enjoying its second day of consecutive price increases. Unfortunately, this has failed to erase the damage done during the downtrend. As at the time of writing, the apex coin is down by more 5%.
Recall that an outlook noted that the Moving Average Convergence Divergence (MACD) shows that the apex coin is experiencing a bearish convergence and a divergence may be upon BTC at the start of the week.
The said phenomenon took place, hence the downtrend. The largest coin by market cap is yet to recover from the dip and, as a result, remains in the danger zone. Additionally, bitcoin lost its pivot point and will now be considered a bearish asset.
BTC dipped to a low of $42,120 and it a high of $47,201. Additionally, we observed that the coin slipped below its Displaced Moving Average (DMA).
ETH/USD
Although the past week was known to be one with little volatility (judging by the global cryptocurrency market), however, ether saw significant increases at the time. For example, it closed that period with a more than 6% price change.
Unfortunately, the same cannot be said of the current intraweek session. Trading activities during the first intraday session was it not one of the best as the asset ended the session with no significant price change.
We deduced that the bulls tried setting the second largest cryptocurrency for an uptrend after recovering from a correction that saw the altcoin dip as low as $3,405 but failed as the next day brought tougher conditions.
Losing almost 4% on Tuesday, the bears were grinning hard as the main highlight of the week happened as ETH lost 7% on Wednesday – the biggest move of the session. The next day saw the bulls attempt a recovery but lacked the power to start a massive rally.
The weekend is seeing more bullish action as the largest alt is currently enjoying its second day of consecutive gains. Although not much loss has been canceled, however, ether has regained stability above $3,200.
Like BTC, ETH experienced a bearish divergence at the start of the week and suffered the effect. It dipped as low as $3,143 and hit a high of $3,555. On the weekly chart, we observed that the largest alt is currently down by more than 7%. Interestingly, Ether is still trading above its pivot point but lost its DMA on Wednesday.
BNB/USD
Similar to what Ethereum experienced last week, Binance coin saw a lot of bullish action. It closed that period with a more than 4% increase. The coin hit a high of $455 and a low of $413.
The current seven-day period on the other was not what the buyers expected. Trading activities during the first intraday session was it not one of the best as the asset ended the session with no significant price change.
With a candle shaped like an umbrella, we observed that the bulls tried setting the second largest cryptocurrency for an uptrend after recovering from a correction that saw the altcoin dip as low as $433.
Tuesday was no different as the asset failed to record any significant price changes. It hit a high of $460 but was met by strong correction that saw it dip as low as $433. The main highlight of the week happened on Wednesday as BNB lost more than 5%.
The bulls fought back on Thursday and pushed an almost 4% increase, However, an equivalent was lost the next day and the exchange coin is currently down by more than 6% on the weekly scale.
At the start of the week, the binance coin was going through a bearish convergence. A divergence was seen midweek during the biggest drop. The asset under consideration is still exchanging above its pivot point as of the time of writing.
SOL/USD
Last week, Solana attained a mark it relinquished in January. It flipped the $140 resistance and closed with a positive price change of 27%. It was observed that the asset under consideration hit a high of $143 and dipped to a low of $105.
The current intraweek session is in contrast to the previous one as we note that SOL was mostly bearish during that period. Not seeing the best start to the seven-day period, it evidently spelt more bearish action.
The first two days of the week ended with the coin losing 4% on average. The biggest drop took place on Wednesday as solana lost 11% of its value. It dipped as low as $112. The bulls tried to rally the market the next day as it gained 5%.
Friday saw SOL lose 7%, erasing the previous intraday session gains. At the end, more than 18% was lost as the bears held on to the early leads and the coin hit a low of $108 and a high of $138.
Like BTC, solana experienced a bearish divergence midweek. Additionally, it tested its pivot point but closed the period under consideration above the key level. We also observed that the coin is trading below it DMA.
XRP/USD
Ripple continually shows a lot of volatility daily. Last week was no exception as the coin experienced a lot of price movements. It hit a high of $0.92 and a low of $0.78 but failed to close with any significant price change.
The past six days have been no different with regards to price volatility as indicated by the weekly chart. However, this period was filled with a lot of downtrends as the bears enjoyed the spot light for the most part of the week.
Kicking off on a bearish not, XRP failed to recover as as lost more than 10% of it value per unit. The first two days of the intraweek session saw the coin experience minimal trading volume and fail to record any significant price changes.
Like, BTC, it saw its biggest loss on Wednesday as it dipped by 7%. The asset under consideration retraced as low as $0.75. A few percent were gained on Thursday but was lost the next day as the bulls failed to hold on to gains and sustain the momentum.
Seeing a bearish divergence at the start of the intraweek session, the stage was set for further downtrend. Unfortunately, the recurring corrections resulted in XRP testing its pivot point and losing the mark. Additionally, the asset is exchanging below it DMA.
