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Bitcoin reaches support levels as market anticipates Fed’s next move

By September 12, 20232 minute read

The market is holding its breath for upcoming data releases on consumer prices and retail sales, which will provide insights into the Federal Reserve’s potential decisions regarding interest rate adjustments. In the interim, major tokens remain in a downward trend.

Bitcoin has approached a crucial support level, signalling the possibility of a rebound in the near future. 

As of now, the price of Bitcoin is $25390.32 There was a 0.63% decrease in its price in the last 24 hours.The 7 day Bitcoin is down by 0.94%.

Ethereum (ETH) is currently trading at $1566.00. There has been a 2.35% decrease in its price in the last 24 hours. The 7 day ETH is down by 3.39%.

The Exponential Moving Average for 10-day EMA indicates “Sell” at 25751 and 200-day EMA indicates “Sell” at 27010. The Simple Moving Average for 10-day SMA indicates “Sell” at 25771 and 200-day SMA indicates “Sell” at 27639. 

The Ichimoku Base Line, valued at 26531, continues to be neutral. The Hull Moving Average indicates “Sell” at 25402. The Volume Weighted Moving Average indicates “Sell” at 26283. 

The Relative Strength Index (14) sits at 36, with a neutral outlook. The Stochastic %K (14, 3, 3) at 13 and the Average Directional Index (14) at 23 indicate a Neutral outlook. 

The MACD Level (12, 26), at -550, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 22 and William’s Percentage indicates a “Buy” sentiment at -85.

As of 10:00 AM, 12th September 2023, on WazirX, Bitcoin’s current price is ₹22,69,181. There was a 3.14% increase in its price in the last 24 hours. In the past 7 days, Bitcoin is up by 1.47%.

Ethereum (ETH) is trading at ₹1,40,000, with an increase of 3.70% in the last 24 hours. The 7-day ETH is down by 1.23%.

The top gainers on WazirX include Balancer (BAL), Tomochain (TOMO), Bluezelle (BLZ), and with price increases of 9.44%, 8.91%, and 8.67%, respectively.

However, the tokens that underperformed comprised dYdX (DYDX), Yearn Finance (YFI), and Kyber Network Crystal v2 (KNC), with a price decrease of 14.52%, 10.52%, and 10.27%, respectively.

Shiba Inu (SHIB) saw a price decrease of 1.39% and is now priced at ₹0.000637. Dogecoin (DOGE) saw an increase of 1.31% and is now priced at ₹5.40

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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