Crypto markets stay resilient as easing geopolitical tensions offset pressure from rising Treasury yields.
Bitcoin traded above $63,000 as traders tracked macroeconomic cues and improving geopolitical sentiment
Photo Credit: Unsplash/Kanchanara
Bitcoin traded near $63,800 (roughly Rs. 60.85 lakh) on Friday as the cryptocurrency market remained firm after easing geopolitical tensions and lower oil prices improved investor sentiment. The world's largest cryptocurrency rose 1.71 percent in the last 24 hours, according to today's CoinMarketCap data. Ethereum (ETH) was trading near $1,770 (roughly Rs. 1.69 lakh), reflecting modest gains across the broader crypto market. As per today's Gadgets 360 price tracker, Bitcoin is currently priced around Rs. 60.8 lakh in India, while Ethereum trades near Rs. 1.68 lakh.
Analysts noted that falling oil prices, hopes of renewed US-Iran negotiations, and cautious positioning ahead of Friday's $1.4 billion (roughly Rs. 13,355 crore) options expiry have kept traders focused on near-term macroeconomic developments.
Broadly tracking Bitcoin's steady performance, other altcoins were also trading at higher prices on Friday. Binance Coin (BNB) was priced around $576.13 (roughly Rs. 54,970), while Solana (SOL) traded near $78.83 (roughly Rs. 7,520). XRP hovered around $1.10 (roughly Rs. 105), and Dogecoin (DOGE) was trading close to $0.074 (roughly Rs. 7.1), indicating cautious optimism across large-cap cryptocurrencies.
Sharing his assessment of the latest market action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “The US 10-year Treasury yield has risen close to 4.6 percent, increasing pressure on risk assets, while spot Bitcoin ETFs recorded $84 million (roughly Rs. 801 crore) in net outflows on Wednesday, ending a three-day inflow streak that brought in $509 million (roughly Rs. 4,855 crore). Traders are now watching Friday's $1.4 billion (roughly Rs. 13,355 crore) options expiry, which could increase market volatility.”
Providing his view of the broader crypto landscape, Vikram Subburaj, CEO, Giottus.com, said, “Bitcoin is trading near $62,000 (roughly Rs. 59.14 lakh), holding its recent recovery but without strong follow-through [...] Bitcoin dominance remains around 58 percent, showing that traders are staying defensive rather than rotating aggressively into altcoins [...] Investors should avoid chasing intraday rallies.”
Overall, analysts said the crypto market remains steady as easing geopolitical tensions and lower oil prices provide support, while higher Treasury yields, uneven ETF demand, and upcoming US macroeconomic events continue to limit stronger upside. Bitcoin's ability to hold above the $61,500-$63,500 (roughly Rs. 58.67 lakh-Rs. 60.58 lakh) support range and reclaim $65,000 (roughly Rs. 62 lakh) will remain key in determining the market's near-term direction.
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