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Delayed verdict on Bitcoin’s ETF application makes the ecosystem impatient

By September 1, 20232 minute read

A general slow growth in the US economy and indications of increasing interest rates by the Fed has prompted Bitcoin’s price to decrease by almost 5% in the last 24 hours. 

Coupled with that, the delayed verdict on Bitcoin’s ETF application seems to be making the ecosystem impatient, thus explaining the declining sentiment.

The market indicators point to a downtrend before key tokens can break out of their resistance levels. 

The Exponential Moving Average for 10-day EMA indicates “Sell” at 26507 and 200-day EMA indicates “Sell” at 27156. The Simple Moving Average for 10-day SMA indicates “Sell” at 26384 and 200-day SMA indicates “Sell” at 27543. 

The Ichimoku Base Line, valued at 27780, continues to be neutral. The Hull Moving Average indicates “Sell” at 26753. The Volume Weighted Moving Average indicates “Sell” at 26855.. 

The Relative Strength Index (14) sits at 38, with a neutral outlook. The Stochastic %K (14, 3, 3) at 34 and the Average Directional Index (14) at 27 indicate a Neutral outlook. 

The MACD Level (12, 26), at -649, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 64 and William’s Percentage indicates a “Neutral” sentiment at -75.

As of 10:00 AM, 1st September 2023, on WazirX, Bitcoin’s current price is ₹22,63,100. There was a 0.48% decrease in its price in the last 24 hours. In the past 7 days, Bitcoin was down by 2.16%.

Ethereum (ETH) is trading at ₹1,42,501, with a decrease of 1.39% in the last 24 hours. The 7-day ETH is down by 2.99%.

The top gainers on WazirX include IDEX (IDEX), Synthetix Network Token (SNX), BOB (Bob), and with price increases of 14.65%, 9.76%, and 9.61%, respectively.

However, the tokens that underperformed comprised QuickSwap (QUICK), Band Protocol (BAND), and EOS (EOS), with a price decrease of 15.78%, 9.69%, and 9.6%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.98% and is now priced at ₹0.000705. Dogecoin (DOGE) saw a decrease of 2.26% and is now priced at ₹5.57.

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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