Whale accumulation and key support levels offered resilience despite weakening institutional demand.
Major cryptocurrencies traded mixed as investors awaited fresh signals from the US Federal Reserve
Photo Credit: Unsplash/Jievani Weerasinghe
Bitcoin traded near $64,300 (roughly Rs. 61.58 lakh) on Wednesday as the cryptocurrency market steadied after recovering from an intraday dip, while investors remained cautious ahead of the US Federal Reserve's policy decision. The world's largest cryptocurrency rose by 1.42 percent in the last 24 hours, based on today's CoinMarketCap data. Ethereum (ETH) was trading near $1,900 (roughly Rs. 1.83 lakh), reflecting modest gains across the broader crypto market. Bitcoin is currently priced around Rs. 61.58 lakh in India, while Ethereum trades near Rs. 1.83 lakh, as per today's Gadgets 360 price tracker.
According to market participants, continued outflows from US spot Bitcoin ETFs, uncertainty surrounding the Federal Reserve's interest rate decision, and broader macroeconomic risks have kept investors cautious despite signs of long-term accumulation by whale wallets.
Major altcoins traded with mixed momentum on Wednesday, broadly tracking Bitcoin's recovery. Binance Coin (BNB) was priced around $570.10 (roughly Rs. 54,540), while Solana (SOL) traded near $73.95 (roughly Rs. 7,075). XRP hovered around $1.08 (roughly Rs. 103), and Dogecoin (DOGE) was trading close to $0.071 (roughly Rs. 6.8), indicating selective buying across large-cap cryptocurrencies.
Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “The correction led to more than $510 million (roughly Rs. 4,879 crore) in liquidations, while continued outflows from US spot Bitcoin ETFs added to the cautious sentiment. Uncertainty over the Federal Reserve's interest rate is also keeping investors on the sidelines. However, long-term confidence remains visible, with whale wallets accumulating 19,696 BTC over the past eight days.”
Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “Most analysts expect rates to remain at 3.50 percent-3.75 percent, but markets still see a roughly 33 percent probability of a quarter-point increase. Higher oil prices and renewed geopolitical tensions could also keep the Fed's guidance hawkish [...] Investors should avoid large directional positions around the Fed decision.”
Commenting on the latest market trends, the CoinSwitch Markets Desk said, “BTC briefly fell as a sharp sell-off in Asian equities and the Senate's delay of the CLARITY Act weighed on market sentiment. Near-term price action will likely be driven by the Fed's policy decision and commentary, alongside core PCE inflation, second-quarter GDP data and earnings from major technology companies.”
Overall, analysts said Bitcoin remains vulnerable to macroeconomic uncertainty and weakening institutional demand ahead of the US Federal Reserve's policy decision. However, continued whale accumulation, key support near $63,000 (roughly Rs. 60.27 lakh), and the Fed's policy guidance are expected to determine whether the cryptocurrency can reclaim $65,000 (roughly Rs. 62.18 lakh) and extend its recovery.
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