Bitcoin traded near $62,980 (roughly Rs. 60.10 lakh) on Monday as the cryptocurrency market extended its recovery after renewed spot Bitcoin ETF inflows and improving market sentiment helped lift prices over the weekend. The world’s largest cryptocurrency witnessed an increase of 4.17 percent in the last week, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,771 (roughly Rs. 1.69 lakh), reflecting broad-based gains across the crypto market. Bitcoin is currently priced around Rs. 60.10 lakh in India, while Ethereum trades near Rs. 1.69 lakh, as per today’s Gadgets 360 price tracker.
Analysts, however, cautioned that low holiday trading volumes, upcoming US macroeconomic events, and Bitcoin’s inability to sustain levels above $64,000 could keep volatility elevated in the sessions ahead.
Mirroring Bitcoin’s recovery. Binance Coin (BNB) was priced around $582.25 (roughly Rs. 55,560), while Solana (SOL) traded near $80.32 (roughly Rs. 7,665). XRP hovered around $1.13 (roughly Rs. 108), and Dogecoin (DOGE) was trading close to $0.077 (roughly Rs. 7.3), indicating that buying interest had returned across large-cap cryptocurrencies.
ETF Demand and Upcoming US Data Take Centre Stage for Crypto Markets
Sharing his assessment of the latest market action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin climbed sharply over the weekend as thin liquidity during the three-day US holiday amplified buying activity. Investor sentiment improved after spot Bitcoin ETFs attracted $224 million (roughly Rs. 2,138 crore) in net inflows, ending a six-day streak of outflows. Even so, caution is warranted, as Mondays have been consistently weak in recent weeks.”
Offering a broader assessment of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The recovery remains tentative as investors await key US macroeconomic events, including the Federal Reserve minutes on July 8 and the US CPI inflation data on July 14, both of which could reshape expectations for interest rates and global liquidity. Investors should avoid chasing short-term rallies until Bitcoin decisively clears the $64,000 (roughly Rs. 61.07 lakh) resistance level. Instead, they should closely monitor ETF flows and upcoming US macroeconomic data, which are likely to remain the primary drivers of crypto market sentiment in the near term.”
Sharing his outlook on recent price action, Harish Vatnani, Head of Trade at ZebPay, said, “Improved market sentiment was supported by easing inflation concerns following comments from Fed Chair Kevin Warsh, a softer-than-expected US jobs report, and short-covering by bearish traders, helping bitcoin rally from below $60,000 (roughly Rs. 57.25 lakh) to above $63,000 (roughly Rs. 60.11 lakh) in just five sessions […] The asset has been trading in green for the past five consecutive days, however, with declining volumes.”
Overall, analysts said improving ETF inflows, stronger on-chain indicators, and easing macroeconomic concerns have helped Bitcoin recover from last week’s weakness. However, upcoming US inflation data, Federal Reserve commentary, and Bitcoin’s ability to reclaim the $64,000-$65,000 (roughly Rs. 61.07 lakh-Rs. 62.02 lakh) range are expected to determine whether the current recovery can gather further momentum.
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