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Bitcoin exudes bullish sentiment despite price downturn

By February 6, 20242 minute read

The selling pressure that started for Bitcoin since approval of spot BTC ETFs has continued and seems to be affecting the market leading up to the Genesis sell off. The price of BTC has come down from $43k levels and faces a tough battle to not go further down back to $40k which was its support level for a while before the market turned bullish towards the end of last year.

Ethereum prices indicate overbought conditions which could mean that there is a stagnation at the resistance level and the market could experience a downturn. 

The Exponential Moving Average for a 10-day EMA indicates “Buy” at 42502, and a 200-day EMA indicates “Buy” at 36318. The Simple Moving Average for a 10-day SMA indicates “Buy” at 42801, and a 200-day SMA indicates “Buy” at 34369.

The Ichimoku Base Line, valued at 42511, continues to be neutral. The Hull Moving Average indicates “Buy” at 42653. The Volume Weighted Average indicates “Buy” at 41657. 

The Relative Strength Index (14) sits at 52, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 57 and the Average Directional Index (14) at 12 indicate a Neutral outlook. 

The MACD Level (12, 26), at 69, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 76  indicates ‘Neutral’, and William’s Percentage at -26 indicates ‘Neutral’ as well.

As of 10:00 AM, 6th February 2024, on WazirX, Bitcoin’s price is ₹37,50,110, with a 0.32% increase in the last 24 hours. There was a 0.10% decrease in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,01,113. There was an increase of 1.96% in the last 24 hours. There was a 0.55% increase in its price over the last 7 days.

The top gainers on Dusk Network(DUSK), Immutable X(IMX) and COTI(COTI) with a price increase of 13.92%, 12.77%, and 11.67%, respectively.

However, the tokens that underperformed comprised Band Protocol(BAND), Green Metaverse Token(GMT), Venus(XVS) with price decreases of 13%, 9.12%, and 9.01%, respectively.

Shiba Inu (SHIB) saw a price increase of 0.51% and is now priced at ₹0.000789. Dogecoin (DOGE) saw an increase of 0.15% and is now priced at ₹6.90.

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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