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Bitcoin decreases to its lowest levels since March

By June 6, 20232 minute read

Bitcoin dropped to its lowest level since March as Binance was implicated by the SEC for violating securities laws. With a continued delay in establishing concrete laws for Crypto organizations, the lawmakers are creating a hostile environment for companies operating in the space and making it suitable for them to move business abroad. 

Memecoins seemed to have started creating a new buzz in the last few days, contributing to high gas fee on Ethereum.

The Exponential Moving Average for 10-day EMA indicates “Sell” at 26701 and 200-day EMA indicates “Buy” at 25220. The Simple Moving Average for 10-day SMA indicates “Sell” at 27053 and 200-day SMA indicates “Buy” at 23295. 

The Ichimoku Base Line, valued at 26921, continues to be neutral. The Hull Moving Average indicates “Sell” at 27080. The Volume Weighted Moving Average indicates “Sell” at 26871.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 37, with a neutral outlook. The Stochastic %K (14, 3, 3) at 24 and the Average Directional Index (14) at 21 indicate a Neutral outlook as well.

The MACD Level (12, 26), at −317, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 18 and William’s Percentage indicates “Buy” at -88.

As of 10:00 AM, 6th June 2023, on WazirX, Bitcoin’s price is ₹23,20,000, with 2.64% increase in the last hour. There was a 2.56% increase in its price in the last 24 hours. In the past 7 days, Bitcoin was down by 2.37%.

Ethereum (ETH) is trading at ₹1,61,000. There was a decrease of 0.09% in the last 24 hours. The 7-day ETH is up down by 3.59%.

The top gainers on WazirX include dYdX (DYDX), Arweave(AR), and Enjin (ENJ), with a price increase of 6.62%, 4.16%, and 2.36%, respectively.

However, the tokens that underperformed comprised Pepe (PEPE), IDEX(IDEX), and 1inch(1INCH), with a price decrease of 16.25%, 16.18%, and 14.23%, respectively.

Shiba Inu (SHIB) saw a price decrease of 3.83% and is now priced at ₹0.000728. Dogecoin (DOGE) saw a decrease of 5.1% and is now priced at ₹5.9.

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.
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