Bitcoin traded near $63,220 (roughly Rs. 60.3 lakh) on Friday, as the cryptocurrency market remained cautious despite a modest recovery in prices. The world’s largest cryptocurrency was priced around $63,220 (roughly Rs. 60.3 lakh), based on today’s market data. Ethereum (ETH) was trading near $1,661 (roughly Rs. 1.58 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 60.3 lakh in India, while Ethereum trades near Rs. 1.58 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that rising oil prices during the ongoing US-Iran conflict, persistent inflation concerns, and investor caution ahead of the US Federal Reserve meeting have kept risk appetite subdued across financial markets.
Major altcoins traded with limited gains on Friday, mainly following Bitcoin’s movement. Binance Coin (BNB) was priced around $600.35 (roughly Rs. 57,275), while Solana (SOL) traded near $66.61 (roughly Rs. 6,355). XRP hovered around $1.13 (roughly Rs. 108), and Dogecoin (DOGE) was trading close to $0.087 (roughly Rs. 8.3), indicating that investors remain selective despite the market’s recent stabilisation.
Rising Oil Prices and Fed Expectations Shape Crypto Market Sentiment
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin is trading above $63,000 (roughly Rs. 60.1 lakh) despite several headwinds weighing on risk assets. Rising oil prices following the closure of the Strait of Hormuz have increased inflation concerns, while US PPI inflation jumping 6.5 percent has raised expectations of a potential Fed rate hike, with markets now pricing in roughly a 40 percent chance by September.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Investors are positioning ahead of the Federal Reserve’s June 16-17 meeting. Policymakers are widely expected to leave interest rates unchanged as inflation concerns continue to persist. Watch the $62,500 (roughly Rs. 59.6 lakh) support zone and ETF flow trends closely. Investors should avoid overleveraged positions until the Fed meeting provides greater clarity on the macro outlook.”
Commenting on current market sentiment, the CoinSwitch Markets Desk said, “While rising oil prices and stronger producer inflation have made traders more cautious around Fed policy, BTC’s current setup is more about patience than panic. Spot ETF outflows and softer futures demand show that institutional participation has cooled, but historically, low-volume phases often precede stronger moves once confidence returns.”
Overall, analysts said the crypto market remains in a cautious consolidation phase as investors balance improving on-chain signals against inflation concerns, rising energy prices, and uncertainty surrounding the upcoming Federal Reserve meeting. Bitcoin’s ability to defend the $61,600-$62,500 (roughly Rs. 58.8 lakh–Rs. 59.6 lakh) support range and eventually reclaim higher resistance levels will remain key to determining near-term market direction.
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