BTC price continues to rise, market sentiment improves

By March 14, 20232 minute read

The USDC’s depegging after the SVB collapse made investors flock to Bitcoin in large numbers, thus contributing to a surge in its value.

There’s a temporary respite among the Crypto community as the widespread sell off of assets which was observed over the last few days, comes to an end as indicated by Bitcoin’s Exchange Net Position. 

The European Union has proposed to introduce a new blockchain customized for the region, which has all pertinent information related to personal identification, details, etc while protecting user privacy and being compliant with MiCA. 

The Exponential Moving Average for 10-day EMA suggests a “Buy” at 22563.392 and the 200-day EMA indicates a “Buy” as well at 21805.53. The Simple Moving Average for 10-day SMA and 200-day SMA indicate a “Buy” at 22069.30 and 19740.03 respectively.

The Ichimoku Base Line, valued at 22409.50, continues to be neutral. The Hull Moving Average and The Volume Weighted Moving Average indicate “Buy” at 23516.26 and 23516.26 respectively.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 61.68, with a neutral outlook. The Stochastic %K (14, 3, 3) indicates a Neutral outlook at 81.95 and the Average Directional Index (14) at 22.36 indicates “Buy”.

The MACD Level (12, 26), at −88.41, indicates a “Buy”, contrary to previous day’s prediction. The Stochastic RSI Fast (3, 3, 14, 14) and the Williams Percent Range (14) continue to be “Neutral”at 93.02 and −5.03 respectively. 

As of 10:00 AM, 14th March 2023, on WazirX, the price of Bitcoin is ₹20,88,330. It had a 0.05% price decrease in the last hour. Over the past 24 hours, BTC’s value increased by 1.19%. The 7 day Bitcoin was up 8.50%.

Ethereum (ETH) is currently trading at ₹1,44,300. It had a 0.07% price increase over the last hour. In the past 24 hours, ETH went down by 0.75%. The 7 day ETH was up 5.79%.

Some tokens performed well on WazirX including BLUR (Blur), Standard Tokenization Protocol (STPT) and ROSE (Oasis Network) with price increases of 22.92%, 19.8%, and 18.77% respectively. 

However, some tokens such as Ardor (ARDR), Swipe(SXP), and QuickSwap (QUICK) underperformed with price decreases of 2.93%, 2.05%, and 1.91% respectively.

Shiba Inu (SHIB) saw a price increase of 2.33% and is now priced at ₹0.000965. Dogecoin saw an increase of 2.80% and is now priced at ₹6.27.

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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