October 5th Technical Analysis: Bitcoin & Dogecoin
Bitcoin eyes $50,000, dogecoin surges 8%
Bitcoin price today is making a push back to $50,000 for the first time since El Salvador’s checked rollout of the largest cryptocurrency as legal tender at the start of September. Bitcoin was trading nearly 3% higher to $49,407.
Bitcoin had plummeted from more than $52,000 per coin, over 17% on September 7 after El Salvador became the first country to adopt Bitcoin as legal tender as the rollout stumbled in its first hours.
Other cryptocurrency prices today were mixed with ether, the coin linked to ethereum blockchain and the second largest crypto was trading marginally higher at $3,393.9. Cardano prices slipped nearly 1% to $2.20 whereas dogecoin surged 8% to $0.24. XRP, Stellar gained while Solana, Litecoin, Uniswap slipped over the last 24 hours.
“All crypto markets have been positive for a few days. The total crypto market capitalization has broken out of the descending channel pattern, indicating some type of trend reversal. We can definitely expect a recovery in the crypto markets, as the RSI indicator for BTC has also broken out of the pattern. With the dollar index weakening slightly compared to the last few days, we can only hope that the cryptocurrency markets will gain some buying momentum,” said Siddharth Menon, COO of WazirX.
Meanwhile, cryptocurrency investment products and funds recorded inflows for a seventh straight week, data from digital asset manager CoinShares showed on Monday. Inflows to the sector were $90.2 million last week, led by bitcoin which snagged $69 million, according to CoinShares data as of October 1. Over the past seven weeks, crypto inflows reached $390 million.
Bitcoin recorded its third straight week of inflows. Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.
Another report showed that India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis. India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.