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Bitcoin’s price remains steady, market sentiment veers towards ‘Greed’

By January 30, 20242 minute read

The market is anticipating pivotal events: the Fed’s interest rate decision and US January unemployment rate data. Bitcoin’s substantial gains, driven by Tether issuing $1BN in USDT, faces uncertainty with the Fed’s announcement in line. A potential rate cut may favor bulls, while unchanged rates could signal bearish sentiment. Bitcoin’s Bollinger Bands hint at reduced volatility. 

Bitcoin’s correlation with the S&P 500 has declined in the last one month. This indicates a negative correlation between the two. This shouldn’t affect crypto if the US stock market faces a downfall after liquidation of Evergrande. However, should the correlation coefficient increase in the coming days, the ripple effects could be felt in the crypto industry. 

The Exponential Moving Average for a 10-day EMA indicates “Buy” at 42113, and a 200-day EMA indicates “Buy” at 38583. The Simple Moving Average for a 10-day SMA indicates “Buy” at 41377, and a 200-day SMA indicates “Buy” at 33924.

The Ichimoku Base Line, valued at 43777, continues to be neutral. The Hull Moving Average indicates “Sell” at 42563. The Volume Weighted Average indicates “Sell” at 42122. 

The Relative Strength Index (14) sits at 57, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 88 and the Average Directional Index (14) at 18 indicate a Neutral outlook. 

The MACD Level (12, 26), at -196, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 99  indicates ‘Neutral’, and William’s Percentage at -0 indicates ‘Neutral’ as well.

As of 10:00 AM, 30th January 2024, on WazirX, Bitcoin’s price is ₹37,73,020, with a 0.12% decrease in the last 24 hours. There was a 3.04% increase in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,20,986. There was a decrease of 0.27% in the last 24 hours. There was a 2.19% increase in its price over the last 7 days.

The top gainers on Pendle(PENDLE), Storj(STORJ) and DFI.Money(YFII) with a price increase of 16.99%, 16.98%, and 12.98%, respectively.

However, the tokens that underperformed comprised Contentos(COS), Auction(AUCTION), Uma(UMA) with price decreases of 13.42%, 7.36%, and 6.74%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.12% and is now priced at ₹0.000815. Dogecoin (DOGE) saw a increase of 1.57% and is now priced at ₹7.21.

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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