Crypto investors stay cautious as Bitcoin trades within a narrow range ahead of key US macroeconomic events.
Bitcoin buyers looked for stronger momentum before testing higher resistance levels
Photo Credit: Unsplash/Yiğit Ali Atasoy
Bitcoin traded near $62,700 (roughly Rs. 59.7 lakh) on Wednesday as the cryptocurrency market paused after its recent recovery, with investors awaiting fresh macroeconomic cues before taking new positions. The world's largest cryptocurrency witnessed a decline of 0.54 percent, based on today's CoinMarketCap data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.6 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 59.5 lakh in India, while Ethereum trades near Rs. 1.6 lakh, as per today's Gadgets 360 price tracker.
Analysts noted that investors remain focused on upcoming US inflation data and the Federal Reserve's policy outlook, both of which are expected to influence risk appetite across crypto markets.
On Wednesday, Solana (SOL) traded near $78.06 (roughly Rs. 7,431), while Binance Coin (BNB) was priced around $567.16 (roughly Rs. 53,980). XRP hovered around $1.09 (roughly Rs. 104), and Dogecoin (DOGE) was trading close to $0.072 (roughly Rs. 6.9), indicating that traders continue to remain cautious despite improving long-term market signals.
Sharing his assessment of the latest market action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Despite the subdued price action, market sentiment is showing early signs of improvement. Spot Bitcoin ETFs have attracted $265 million (roughly Rs. 2,523 crore) in net inflows over the past two sessions, suggesting institutional demand is returning. Meanwhile, more than 50 percent of Bitcoin's circulating supply is currently held at a loss, a condition that historically preceded market bottoms in 2017, 2018, and 2022.”
Offering a broader assessment of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Prices are under pressure because ETF flows remain uneven. On-chain data also points to caution, with Bitcoin exchange deposits recently rising to nearly 49,000 BTC, a signal that can precede higher volatility [...] Macro uncertainty is also keeping risk appetite in check. The US CPI report is due on July 14, followed by the July 28-29 Fed meeting [...] Investors should avoid chasing intraday rallies. Staggered accumulation near support, with strict risk control, is better suited to the current market.”
Commenting on the latest market trends, the CoinSwitch Markets Desk said, “The rally hit heavy resistance and limited momentum on the 4-hour and daily charts, hinting the move is running out of steam. Investors can see $61,000 (roughly Rs. 58.07 lakh) as support if the price slips. A clean close above $64,650 (roughly Rs. 61.54 lakh) flips it bullish, targeting $65,600 (roughly Rs. 62.44 lakh) then $67,000 (roughly Rs. 63.78 lakh).”
Overall, analysts said the crypto market remains in a consolidation phase as improving institutional participation and supportive long-term indicators are countered by macroeconomic uncertainty and strong technical resistance. Bitcoin's ability to defend the $61,600-$62,700 (roughly Rs. 58.64 lakh-Rs. 59.69 lakh) support range and reclaim the $64,400-$67,000 (roughly Rs. 61.30 lakh-Rs. 63.78 lakh) resistance zone will likely determine its next directional move.
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