Summary
- Bitcoin remains in bearish territory, lingering below the death cross, with momentum remaining weak despite briefly recovering to $90K.
- In contrast, GameFi tokens are achieving notable gains, outperforming Bitcoin’s slower movement.
- Axie Infinity (AXS) increased by 131% this week, marking over 250% growth within the past month.
While Bitcoin is caught in a prolonged consolidation phase around $90,000, showing bearish signals, the GameFi sector is performing exceptionally. Notably, Axie Infinity and The Sandbox have posted impressive weekly gains, with Axie Infinity surging 131% this week alone.
Significantly, gold has surpassed $4,900 per ounce and silver has exceeded $99, both achieving record highs as investors shift away from riskier assets.
Bitcoin (BTC) Price: Stalemate at the Death Cross
Bitcoin has seen a slight increase of 1.6%, trading at $90,895 after bouncing from lows around $88,000. However, weak technical patterns indicate indecision among bullish traders, especially those with long-term positions.
A concerning bearish pattern, referred to as a “death cross,” was established after a brief invalidation of a “golden cross.” This configuration generally signals downward pressure, suggesting that the price momentum may have shifted to the bearish side.
Axie Infinity (AXS): A GameFi Phenomenon
In stark contrast to Bitcoin’s stagnation, Axie Infinity (AXS) has experienced explosive growth, appreciating by 7.6% in a single day to $2.88, with a remarkable 131% gain over the last week amid a bear market. This shift has rekindled interest in Axie as a viable crypto investment.
The recent gains can be attributed to various favorable developments, including updates from its developers, Sky Mavis, which launched a new rewards system that discourages immediate selling and promotes a healthier in-game economy. This has resulted in increased trading volume and active users reaching back towards their peak.
Currently, AXS shows extremely bullish signals across multiple indicators. The Average Directional Index (ADX), measuring trend strength, is at an impressive 50, indicating strong upward momentum, contrasting sharply with Bitcoin’s downtrend.
