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Bitcoin price on a steady rise, momentum remains unfazed

By March 11, 20242 minute read

Tether Infuses $2 Billion in Liquidity, Reflecting Growing Demand for Digital Assets.

The injection of a fresh $2 billion in liquidity by Tether signals a heightened demand for digital assets, creating an atmosphere of peak bullish sentiments in the market. The surge in demand is notably propelled by the Spot BTC ETF, which has driven purchase demands to an unprecedented level.

Over the last 24 hours, both Bitcoin and Ethereum have experienced minor price corrections, aligning with the trend of retracing after reaching all-time highs. This retracement, while expected, does not dampen overall market optimism.

Ethereum (ETH) is currently trading at $3850.24. There has been a decrease of 2.18% in its price in the last 24 hours. The 7-day ETH is up by 10.33%.

The Exponential Moving Average for a 10-day EMA indicates ‘Buy’ at 66038, and a 200-day EMA indicates ‘Buy’ at 42301. The Simple Moving Average for a 10-day SMA indicates ‘Buy’ at 66454, and a 200-day SMA indicates ‘Buy’ at 39088.

The Ichimoku Base Line, valued at 60352, continues to be neutral. The Hull Moving Average indicates ‘Sell’ at 69489. The Volume Weighted Average indicates ‘Buy’ at 62169. 

The Relative Strength Index (14) sits at 73, indicating ‘Sell’. The Stochastic %K (14, 3, 3) at 91 indicates ‘Neutral’ and the Average Directional Index (14) at 54 indicates a ‘Neutral’ outlook. 

The MACD Level (12, 26), at 5039, indicates ‘Buy’. The Stochastic RSI Fast (3, 3, 14, 14) at 31 indicates ‘Neutral’ and the Williams Percentage at -12 indicates ‘Sell’.

As of 10:00 AM, 11th March 2024, on WazirX, Bitcoin’s price was ₹62,25,228 with a 0.32% increase in the last 24 hours. There was a 3.10% increase in its price over the last 7 days.

Ethereum (ETH) is trading at ₹3,50,113. There was an increase of 1.96% in the last 24 hours. There was a 11.55% increase in its price over the last 7 days.

The top gainers on Digibyte(DGB), Near Protocol(NEAR) and Avalanche(AVAX) with a price increase of 23.84%, 21.48%, and 20.11%, respectively.

However, the tokens that underperformed comprised Radicle (RAD), Ox Protocol(ZRX), Livepeer(LPT) with price decreases of 5.1%, 5%, and 4.7%, respectively.

Shiba Inu (SHIB) saw a price increase of 3.51% and is now priced at ₹0.002886. Dogecoin (DOGE) saw an increase of 5.5% and is now priced at ₹15.01.

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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