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Bitcoin slips down to $42k levels raising concerns about liquidity of long positions

By December 11, 20232 minute read

Bitcoin’s recent lack of clear support levels has raised worries about extended hodlers offloading the token as BTC slides to the $42k range after an impressive rally last week. Despite an overall bullish sentiment prevailing in the market, the 10-day moving averages signal a ‘Sell’ stance, heightening the likelihood of long positions getting liquidated.

The Exponential Moving Average for 10-day EMA indicates “Sell” at 42289 and 200-day EMA indicates “Buy” at 31345. The Simple Moving Average for 10-day SMA indicates “Sell” at 42622 and 200-day SMA indicates “Buy” at 30335.

The Ichimoku Base Line, valued at 40134, continues to be neutral. The Hull Moving Average indicates “Sell” at 43581. The Volume Weighted Moving Average indicates “Buy” at 40258. 

The Relative Strength Index (14) sits at 61, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 80 and the Average Directional Index (14) at 52 indicate a Neutral outlook. 

The MACD Level (12, 26), at 1992, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 47 indicates ‘Neutral’ and William’s Percentage at -36 indicates ‘Neutral’.

As of 10:00 AM, 11th December 2023, on WazirX, Bitcoin’s price is ₹36,75,281, with a 4.16% decrease in the last 24 hours. There was a 5.6% increase in its price over the last 7 days.

Ethereum (ETH) is trading at ₹1,97,999. There was a decrease of 2.46% in the last 24 hours. There was a 3% increase in its price over the last 7 days.

The top gainers on WazirX include Injective Protocol(INJ), Combo(COMBO), Helium(HNT) with price increases of 27.36%, 16.69%, and 13.96%, respectively.

However, the tokens that underperformed comprised TokenFi(TOKEN), UniLend(UFT), and Memecoin (MEME), with a price decrease of 12.03%, 11.46%, and 11.23%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.79% and is now priced at ₹0.000869. Dogecoin (DOGE) saw a decrease of 1.35% and is now priced at ₹8.55.

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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