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Bitcoin dips further as bearish sentiment grips market

By May 9, 2024May 13th, 20242 minute read

Bitcoin has taken a tumble, dropping from $63,000 to $61,662 in just a few days. After briefly dipping as low as $60,900, the price is currently attempting to stabilize. The key resistance point sits at $62,000. Failure to break above this level could trigger a further decline, potentially pushing Bitcoin down to $58,000. Unless bulls step in and break this resistance, Bitcoin could face continued market struggles.

Ethereum like most other altcoins is on a bearish streak echoing Bitcoin’s momentum. It has extended losses and come down below the crucial psychological $3000 mark. The price of ETH currently stands at $2997 and faces consolidation. 

However, there is a hope of a short term price surge for Ethereum if it manages to breach the $3100 levels. It has already surpassed its resistance at $2985. The next support can be anticipated at $2900. But it will be critical in deciding its future trajectory as failure to hold this level will trigger a sell off. 

The Exponential Moving Average for a 10-day EMA indicates “Sell” at 61453, and a 200-day EMA indicates “Buy” at 52104. The Simple Moving Average for a 10-day SMA indicates “Sell” at 61994 and a 200-day SMA indicates “Buy” at 49640.

The Ichimoku Base Line, valued at 64628, continues to be neutral. The Hull Moving Average indicates “Buy” at 57905, and the Volume Weighted Average indicates “Sell” at 63010. 

The Relative Strength Index (14) sits at 45, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 70 indicates “Overbought” and the Average Directional Index (14) at 30 indicates a “Sell” outlook.

The MACD Level (12, 26), at -1104, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 14  indicates ‘Buy’, and William’s Percentage at -6.4 indicates ‘Sell’.

As of 10 AM, 09th May 2024, on WazirX, Bitcoin’s current price is ₹5,169,244. Its price has decreased by 1.20% in the last 24 hours. In the past seven days, Bitcoin has decreased by 2.81%.

Ethereum (ETH) is trading at ₹2,50,883, down by 1.02% in the last 24 hours. The 7-day ETH is down 3.46%.

The top gainers on WazirX include UMA, LPT, and XVG, with price increases of 48.59%, 15.63%, and 15.41%, respectively.

However, the tokens that underperformed comprised TRB, FTT, KMD with a price decrease of 12.55%, 8.86%, and 8.44%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.58% and is now priced at ₹0.002051. Dogecoin (DOGE) saw an decrease of 0.43% and is now priced at ₹13

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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