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BTC, ETH prices continue to decline amidst short selling practices

By March 1, 20232 minute read

Bitcoin and Ethereum prices continue to decline amidst concerns around short selling and insufficient liquidity. Experts keep a close eye on whether BTC can touch the $25k mark.

The US Securities and Exchange Commission continues its crackdown on Crypto projects with concerns of unregistered security post the FTX collapse. Trading app Robinhood has received a subpoena regarding registering of assets, amidst this environment.

The Exponential Moving Average for 10-day EMA suggests a “Sell” at 23502.92 and the 200-day EMA indicates a “Buy” at 21744.25. The Simple Moving Average for 10-day SMA is 23725.80 suggesting a “Sell”, whereas the 200-day SMA indicates a “Buy” at 19736.34.

The Ichimoku Base Line, valued at 23323.00, continues to be neutral. The Hull Moving Average indicates a “Buy” at 23183.20. Whereas, the Volume Weighted Moving Average at 23525.31 signals “Sell”. 

Major market indicators point to a neutral sentiment. The Relative Strength Index (14) sits at 51.01, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 35.50 and 29.52 respectively, further indicating a neutral market.

The MACD Level (12, 26), at 279.81, indicates a “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is at 7.91 with a Neutral indicator, while the Williams Percent Range (14) at −78.92 also signals “Neutral”. 

As of 10:00 AM, 1st March 2023, on WazirX, the current price of Bitcoin is ₹20,20,997, with a 0.01% increase in the last hour. There was a 0.38% decrease in its price in the last 24 hours. The 7 day BTC was down 1.08%

Ethereum (ETH) is currently trading at ₹1,42,000, with a 1.42% increase in the last hour. There was a 1.04% increase in its price in 24 hours. The 7 day ETH was down 0.93%

Some tokens performed well on WazirX including Synthetics Network Token (SNX), REN (REN) and Civic (CVC) with price increases of 16.58%, 9.42%, and 8.96% respectively. 

However, some tokens such as Gifto (GFT), Bakery Token (BAKE), and Nem (XEM) underperformed with price decreases of 11.57%, 10.66%, and 8.96% respectively.

Shiba Inu (SHIB) saw a price decrease of 1.54% and is now priced at ₹0.001085. Dogecoin saw a decrease of 1.23% and is now priced at ₹7.18

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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