BTC price surges, market indicates “Buy” sentiment

By March 13, 20232 minute read

Bitcoin and Ethereum both saw a slight increase in value over the last few hours. BTC crossed the $20,000 mark. The upcoming interest rate hikes by the Fed is expected to be modest after the US labor data for February revealed a slow wage growth. This weakened the value of the US dollar and led to the temporary increase in Crypto prices.

The rising popularity of Bitcoin Ordinals, which are digital assets inscribed on Satoshis, over the last few weeks may have also contributed to the price increase of BTC.

Support from the Fed for the investors of Silicon Valley Bank led to a surge in BTC prices in the last 24 hours.

The Exponential Moving Average for 10-day EMA suggests a “Buy” at 21829.82 and the 200-day EMA indicates a “Buy” as well at 21761.57. The Simple Moving Average for 10-day SMA and 200-day SMA indicate a “Buy” at 21684.20 and 19710.29 respectively.

The Ichimoku Base Line, valued at 22419.50, continues to be neutral. The Hull Moving Average and The Volume Weighted Moving Average indicate “Buy” at 21299.06 and 22168.21 respectively.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 50.08, with a neutral outlook. The Stochastic %K (14, 3, 3) indicates a Neutral outlook at 48.72 and the Average Directional Index (14) at 20.77 indicates “Buy”.

However, the MACD Level (12, 26), at −427.15, indicates a “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) and the Williams Percent Range (14) continue to be “Neutral”at 61.16 and -36.51 respectively. 

As of 10:00 AM, 13th March 2023, on WazirX, the price of Bitcoin is ₹19,23,800.

Ethereum (ETH) is currently trading at ₹1,38,990.

Some tokens performed well on WazirX including Synthetix Network Token (SNX), Stacks (STX) and Icon (ICX) with price increases of 27.58%, 26.98%, and 21.22% respectively. 

However, some tokens such as Elrond Gold (EGLD), BitTorrent (BTTC), and Venus (XVS) underperformed with price decreases of 7.56%, 2.77%, and 2.27% respectively.

Shiba Inu (SHIB) saw a price increase of 2.17% and is now priced at ₹0.000942. Dogecoin saw an increase of 4.49% and is now priced at ₹6.19.

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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