Bitcoin traded near $63,200 (roughly Rs. 60.22 lakh) on Tuesday as the cryptocurrency market remained resilient despite a wave of selling triggered by Strategy’s latest Bitcoin sale. The world’s largest cryptocurrency rose 0.17 percent in the last 24 hours, showing resilience, according to today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,770 (roughly Rs. 1.69 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 59.9 lakh in India, while Ethereum trades near Rs. 1.68 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that strong buying demand, a weaker US dollar, and lower Treasury yields helped offset the impact of the sale, while investors remained cautious ahead of the US Consumer Price Index (CPI) report and the Federal Reserve’s policy meeting later this month.
On Tuesday, Binance Coin (BNB) was priced around $579.50 (roughly Rs. 55,210), while Solana (SOL) traded near $81.62 (roughly Rs. 7,776). XRP hovered around $1.13 (roughly Rs. 108), and Dogecoin (DOGE) traded near $0.075 (roughly Rs. 7.2), indicating that traders remain selective despite improving sentiment across the broader crypto market.
Macro Events and Strategy Sale Keep Bitcoin in Focus
Sharing his assessment of the latest market action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “A weaker US dollar and lower Treasury yields have also improved the outlook for risk assets. Meanwhile, transfers from long-term holders to exchanges have fallen from 8,040 BTC to 4,130 BTC per day over the past week, signalling easing sell pressure.”
Offering a broader assessment of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Spot demand has also improved near key support levels. ETF flows have shown a modest improvement as well. However, market conviction remains limited. Institutional demand has not yet shown a sustained recovery […] Investors should avoid chasing intraday rallies. Staggered accumulation near support, with strict risk management, is better suited to the current market.”
Commenting on recent market sentiment, the CoinSwitch Markets Desk said, “Encouragingly, $265 million (roughly Rs. 2,524 crore) in ETF inflows over two days marks a shift in sentiment after a stretch of outflows, hinting that buyers are stepping back in. The 1.15 put-to-call ratio sits comfortably in neutral territory.”
Overall, analysts said the crypto market has remained resilient despite temporary selling pressure from Strategy’s Bitcoin sale, with improving spot demand and easing sell-side activity helping support prices. However, upcoming US inflation data, Federal Reserve policy expectations, and Bitcoin’s ability to reclaim the $65,000-$67,000 (roughly Rs. 61.92 lakh-Rs. 63.82 lakh) resistance zone will remain key factors shaping the market’s next move.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
