Bitcoin experienced an 8% decline during a notable retail sell-off following news of Elon Musk divesting a portion of his virtual digital holdings. This occurrence also triggered a decrease in liquidations.
Additionally, market observers are anticipating potential interest rate hikes by the Federal Reserve. Compounding the situation, the US treasury yield surged to a 16-year peak, exerting downward pressure on the values of prominent cryptocurrencies like Bitcoin and certain alternative coins that had previously been exhibiting upward momentum.
The Exponential Moving Average for 10-day EMA indicates “Sell” at 28342 and 200-day EMA indicates “Buy” at 27288. The Simple Moving Average for 10-day SMA indicates “Sell” at 28750 and 200-day SMA indicates “Buy” at 27293.
The Ichimoku Base Line, valued at 28238, continues to be neutral. The Hull Moving Average indicates “Sell” at 27101. The Volume Weighted Moving Average indicates “Sell” at 28812.
Major market oscillators point to a “Sell” sentiment. The Relative Strength Index (14) sits at 21, with a neutral outlook. The Stochastic %K (14, 3, 3) at 6 and the Average Directional Index (14) at 18 indicate a Neutral outlook.
The MACD Level (12, 26), at -488, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 0 and William’s Percentage indicates a “Neutral” sentiment at -94.
As of 10:00 AM, 18th August 2023, on WazirX, Bitcoin’s current price is ₹23,99,697. There was a 0.41% decrease in its price in the last 24 hours. In the past 7 days, Bitcoin was down by 5.72%.
Ethereum (ETH) is trading at ₹1,50,220. There was a increase of 1.50% in the last 24 hours. The 7-day ETH is down by 5.82%.
The top gainers on WazirX include Quant (QNT), Near Protocol (NEAR), and BICO (Biconomy), with price increases of 13.12%, 7.32%, and 6.44%, respectively.
However, the tokens that underperformed comprised Blur (Combo), Cream Finance (YFII), and Travala (BOB), with a price decrease of 19.99%, 17.38%, and 15.99%, respectively.
Shiba Inu (SHIB) saw a price decrease of 10.77% and is now priced at ₹0.000729. Dogecoin (DOGE) saw a decrease of 6.38% and is now priced at ₹5.49.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
