BTC, DOGE, and WIF: Prominent cryptocurrencies to keep an eye on this week

Bitcoin (
BTC
) has emerged as one of the top cryptocurrencies to keep an eye on this week, as it experienced slight gains following a late-minute recovery led by the bulls.

The rebound had a ripple effect throughout the wider crypto market, with meme coins Dogwifhat (
WIF
) and Dogecoin (
DOGE
) also seeing impressive gains.

Despite the rollercoaster ride experienced by the overall market, the global cryptocurrency market cap remained relatively stable this week. It dipped to $2.11 trillion on May 1 but recovered to $2.35 trillion at the latest update.

To give you an overview of how some of the leading cryptocurrencies performed over the past few days, here is a breakdown of BTC, DOGE, and WIF prices:

Bitcoin’s week started off bearish, as the pressure from last week’s selloffs continued. As a result, BTC dropped from $63,106 to a low of $56,500 on May 1, falling below the $57,000 mark for the first time since February 28.

The market sentiment reflected in the performance of spot Bitcoin ETFs, which experienced sustained outflows. BlackRock’s iShares Bitcoin Trust (IBIT), for example, saw no inflows for the fourth consecutive day as of April 29. On May 1, as BTC collapsed to $56,500, IBIT experienced its first outflow since its launch, with $36.9 million exiting that day. Overall, the ETF market observed $563 million in outflows, the largest on record.

Interestingly, Bitcoin quickly staged a recovery after this bearish period, enjoying three consecutive days of gains from May 2 to 4. Within this period, BTC increased by 9.47%, effectively recouping most of its recent losses.

This recovery coincided with the release of the U.S. labor market report, which boosted the uptrend by creating bullish expectations. As Bitcoin reclaimed the $64,000 mark on May 4, it closed above the 20-day EMA for the first time in three weeks. BitMEX founder Arthur Hayes projected an imminent but gradual price rebound.

At the moment, Bitcoin is trading at $63,686 and has remained above the 20-day EMA ($63,351). It is currently flirting with the 50-day EMA ($63,892). If it breaches the 50-day EMA, it could give the bulls enough strength to push towards the crucial Bollinger Band resistance at $67,506.

Moving on to Dogwifhat, it emerged as one of the biggest gainers this week after a turbulent start. WIF followed the market’s direction but eventually outperformed Bitcoin and every other asset among the top 100 cryptos when the market recovery kicked in.

Dogwifhat began the week with a bearish momentum after collapsing from its high of $3.56 on April 24. As BTC dropped below $57,000 on May 1, Dogwifhat also fell to a low below $2.27. However, it closed the day with a 4.34% gain, outperforming Bitcoin.

Dogwifhat sustained its recovery and spiked by over 31% from May 1 to 4, enjoying a four-day winning streak. This uptrend allowed it to 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.

However, the broader market lost steam, and this resistance level became a roadblock to further upsurge. With the top band now 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. Currently, the meme coin is up 21.82% this week.

Moving on to Dogecoin, it experienced consistent losses while the rest of the market witnessed intermittent declines and occasional gains during the recent market downtrend. DOGE had been on a losing streak for nine consecutive days from April 23 to May 2.

During this period, Dogecoin lost 20.86% of its value, dropping to $0.1201, its lowest price since March 1.

However, DOGE ended its losing streak as it rode the market rebound, eventually recovering all its lost value with 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 utilize it as a springboard for more substantial gains when the upsurge resumes. Currently, Dogecoin is trading at $0.1613 and is up 10% this week.

In other news, BTC-e founder has pleaded guilty to laundering stolen Bitcoin.