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Bitcoin’s price rally piques the interest of investors as overall sentiment continues to be bullish

By March 27, 20232 minute read

Institutional investors in the USA have majorly contributed to the price increase of Bitcoin in the last few days. Bitcoins price rally has piqued the interest of many investors as the token is expected to enter into a consolidation phase. The ecosystem is also looking forward to the G7 Crypto regulations which might be one of the first comprehensive steps towards a collaborative Crypto regulatory framework.

The Exponential Moving Average for both 10-day EMA and 20-day EMA indicate “Buy” at 27293.11 and 22477.95 respectively. The Simple Moving Average for 10-day SMA and 200-day SMA indicate a “Buy” at 27755.90 and 20229.72 respectively.

The Ichimoku Base Line, valued at 24474.50, continues to be neutral. The Hull Moving Average indicates “Buy” at 27744.45. The Volume Weighted Moving Average indicates “Buy” as well at 25053.10.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 63.80, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) indicate a Neutral outlook as well at 76.51 and 38.74, respectively. 

The MACD Level (12, 26), at 1353.31, indicates a “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) and the Williams Percent Range (14) continue to be “Neutral”at 41.67 and −28.03, respectively.

As of 10:00 AM, 27th March 2023, on WazirX, Bitcoin’s current price is ₹24,37,746, with an almost 0.92% increase in the last hour. There was a 0.65% increase in its price in the last 24 hours.

Ethereum (ETH) is trading at ₹1,55,000, with an increase of 1.50% in the last hour. There was a decrease of 0.36% in the last 24 hours.

The top gainers on WazirX include QuickSwap (QUICK), Celer Network (CELR), and Oasis Network (ROSE), with a price increase of 13.67%, 7.3%, and 5.94%, respectively.

However, the tokens that underperformed were Neo (NEO), Bakery Token (BAKE), and Stacks (STX), with a price decrease of 5.93%, 5.68%, and 5.37%, respectively.

Shiba Inu (SHIB) saw a price increase of 0.01% and is now priced at ₹0.000920. Dogecoin (DOGE) saw a decrease of 0.17% and is now priced at ₹6.4575.

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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