Hi @wick - Bitcoin is not yet legal in India. While it is expected the the Government will design regulations around bitcoin/crpto, it has not made any official announcements.
That aside, adoption is the country is still lagging. Even during the surge in May/June much of the transactions were coming from existing users. On the other side, there is hardly any use for it as a currency. If you are lucky to find a merchant that accepts bitcoin, you will find that they dont receive any payments in bitcoin.
Until the mindset of users changes from hoarding to transactional, this will continue to remain the same and prices will remain rangebound