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Bitcoin price sees brief increase as it surpasses its key resistances

By May 10, 2024May 13th, 20242 minute read

Bitcoin staged a comeback after testing resistance levels around $61,000 and $62,000. The world’s largest cryptocurrency currently sits just above $62,000, with immediate support holding firm. This positive momentum is reflected in the overall crypto market, which is up nearly 2% in the last 24 hours. While major altcoins are mirroring Bitcoin’s rise, technical indicators like the RSI suggest a potential dip back to $60,000.

The key support level to watch is $62,400. Bitcoin has successfully held above $62,800 so far. But a minor market correction could push it below $62,400, triggering a further decline to $61,200.

Ethereum also saw some positive movement, surpassing and holding its key psychological resistance at $3,000. This level is becoming crucial for Ether, acting as both support and resistance. While a market surge for Ethereum can’t be ruled out, the current market climate suggests a potential breakout in either direction could be on the horizon.

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, 10th May 2024, on WazirX, Bitcoin’s current price is ₹53,14,447. Its price has decreased by 2.87% in the last 24 hours. In the past seven days, Bitcoin has decreased by 0.32%.

Ethereum (ETH) is trading at ₹2,43436, down by 0.17% in the last 24 hours. The 7-day ETH is down 3.78%.

The top gainers on WazirX include Pundi X (PUNDIX), Jito (JTO), and Cortex (CRTX), with price increases of 30%, 27.89%, and 19.78%, respectively.

However, the tokens that underperformed comprised SKALE Network (SKL), Burger Swap (BURGER), STEAMER (STMR) with a price decrease of 11%, 10.67%, and 8.8%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.58%. Dogecoin (DOGE) saw an decrease of 0.43%

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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