Bitcoin Market Analysis — May 4
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Bitcoin (BTC) got struck by immense volatility yesterday as the benchmark cryptocurrency dipped by over $4k after touching the $59k high. Meanwhile, Ethereum (ETH), Binance Coin (BNB), and Dogecoin (DOGE) continued to print record highs after record highs.
Ethereum has been on a bullish roll for a while now and has recorded a new record high almost every day. At press time, the second-largest cryptocurrency has spiked by over 320% since the start of the year.
Another impressive performer of recent is the BNB, the native cryptocurrency of the world’s largest crypto exchange. The third-largest cryptocurrency recorded a new all-time high at $680 yesterday, pushing its market valuation over $100 billion for the first time.
The DOGE also had an impressive run yesterday and has crossed the $0.48 level for the very first time at press time. This bullish performance has pushed Dogecoin to the number 5 position on the cryptocurrency rankings based on market cap.
Meanwhile, mid-and-low-cap cryptocurrencies also had very bullish performances yesterday, with WAVES stealing the show with a 70% daily surge. Other top gainers include THORChain (+19%), Ethereum Classic (+15%), OMG Network (+14%), Flow (+10%), and Avalanche (+10%).
Key BTC Levels to Watch — May 4
Bitcoin bulls could not sustain yesterday’s rally to the $59k round figure, giving way for bears to steal the show and drive the price below $55k. At press time, BTC is struggling to break the $56k level and could revisit the $55k lows.
The primary cryptocurrency should regain bullish stability when it breaks above the $57k mark. That said, traders could be anticipating the $55k area, which could serve as a ramp towards the $57k level and higher.
Meanwhile, our resistance levels are at $56,700, $57,500, and $58,000, and our key support levels are at $55,000, $54,000, and $53,400.
Total Market Capitalization: $2.25 trillion
Bitcoin Market Capitalization: $1.04 trillion
Bitcoin Dominance: 46.4%
Market Rank: #1
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