Bitcoin on a steady rise post reaching $70k, market optimism grows

Bitcoin continues to rise after successfully reaching the $70k mark. A rally is being expected on the horizon as pre halving retracement seems to have hit a pause.

The selling pressure with this rise seems to be increasing for short sellers. However, the price rise will also enhance market liquidity due to the existing conditions of ETF inflows. The next milestone at $80k would be achieved easily if these conditions persist.

The Exponential Moving Average for a 10-day EMA indicates ‘Buy’ at 67984, and a 200-day EMA indicates ‘Buy’ at 46121. The Simple Moving Average for a 10-day SMA indicates ‘Buy’ at 66829, and a 200-day SMA indicates ‘Buy’ at 42452.

The Ichimoku Base Line, valued at 66554, continues to be neutral. The Hull Moving Average indicates ‘Buy’ at 70830. The Volume Weighted Average indicates ‘Buy’ at 68441.

The Relative Strength Index (14) sits at 60, indicating ‘Neutral’. The Stochastic %K (14, 3, 3) at 72 indicates ‘Neutral’ and the Average Directional Index (14) at 31 indicates a ‘Neutral’ outlook.

The MACD Level (12, 26), at 2126, indicates ‘Sell’. The Stochastic RSI Fast (3, 3, 14, 14) at 43 indicates ‘Neutral’ and the Williams Percentage at -25 indicates ‘Neutral’.

As of 10:00 AM, 27th March 2024, on WazirX, Bitcoin’s current price is ₹60,30,000. Its price has increased by almost 0.23% in the last hour and 1.61% in the last 24 hours. In the past seven days, Bitcoin has increased by 3.83%.

Ethereum (ETH) is trading at ₹3,09,875, down by 0.50% in the last hour and down by 1.22% in the last 24 hours. The 7-day ETH is up by 1.43%.

The top gainers on WazirX include Threshold Network Token (T), Request Network (REQ), and Viberate (VIB), with price increases of 44.84%, 32.64%, and 31.07%, respectively.

However, the tokens that underperformed comprised Kusama (KSM), pNetwork (PNT), and WAXP (WAX), with a price decrease of 26.65%, 18.52%, and 5.96%, respectively.

Shiba Inu (SHIB) saw a price increase of 6.21% and is now priced at ₹0.002683. Dogecoin (DOGE) saw an increase of 3.69% and is now priced at ₹16.0786.