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Long position liquidation affects the total Crypto market cap, BTC, ETH show signs of recovery

By January 5, 20242 minute read

The dip in overall market cap is attributed to speculation surrounding potential rejection of the Bitcoin ETF application, triggering a surge in long position sell-offs. Market cap is strained as long-term hodlers secure profits amid concerns of further BTC price dips following the ETF decision.

The Exponential Moving Average for a 10-day EMA indicates “Sell” at 43429, and a 200-day EMA indicates “Buy” at 33920. The Simple Moving Average for a 10-day SMA indicates “Buy” at 43233, and a 200-day SMA indicates “Buy” at 32278.

The Ichimoku Base Line, valued at 43052, continues to be neutral. The Hull Moving Average indicates “Sell” at 44176. The Volume Weighted Average indicates “Sell” at 43238. 

The Relative Strength Index (14) sits at 54, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 49 and the Average Directional Index (14) at 19 indicate a Neutral outlook. 

The MACD Level (12, 26), at 644, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 33  indicates ‘Neutral’, and William’s Percentage at -51 indicates ‘Neutral’.

As of 10:00 AM, 5th December 2023, on WazirX, Bitcoin’s price is ₹39,22,077, with a 1.19% decrease in the last 24 hours. There was a 3.38% increase in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,00,192. There was a decrease of 0.15% in the last 24 hours. There was a 1.25% decrease in its price over the last 7 days.

The top gainers on WazirX include Arweave (AR), WazirX Token (WRX) and Pendle(Pendle) with a price increase of 16.42%, 15.81%, and 13.27%, respectively.

However, the tokens that underperformed comprised Zcash (ZEC), MDex(MDX), Chromia(CHR) with price decreases of 22.92%, 15.38%, and 13.58%, respectively.

Shiba Inu (SHIB) saw a price increase of 2.05% and is now priced at ₹0.000991. Dogecoin (DOGE) saw a increase of 0.8% and is now priced at ₹7.46.

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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