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Bitcoin Holds Above $64,000 as Lower Oil Prices Boost Crypto Sentiment

Bitcoin Holds Above $64,000 as Lower Oil Prices Boost Crypto Sentiment

Improving global risk sentiment helps steady the cryptocurrency market despite cautious trading activity.

Written by Rahul Dhingra, Edited by Ketan Pratap | Updated: 5 August 2026 14:13 IST

Bitcoin Holds Above $64,000 as Lower Oil Prices Boost Crypto Sentiment

Photo Credit: Unsplash/Jakub Żerdzicki

Major cryptocurrencies trade with limited movement across the broader digital asset market

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Highlights

Bitcoin steadies as market sentiment improves
Lower oil prices lift appetite for risk assets
US jobs data remains the next key market trigger

Bitcoin traded near Rs. 60.9 lakh on Wednesday as the cryptocurrency market extended its recovery after easing geopolitical tensions and lower oil prices improved appetite for risk assets. Ethereum (ETH) was trading near Rs. 1.78 lakh, reflecting modest gains across the broader crypto market. According to market participants, falling oil prices, easing US Treasury yields, and improving global risk sentiment have strengthened Bitcoin's position above the $64,000 (roughly Rs. 60.9 lakh) mark. As per CoinMarketCap data, Bitcoin traded near $64,000 (roughly Rs. 60.9 lakh), and Ethereum (ETH) traded near $1,800 (roughly Rs. 1.78 lakh).

The world's largest cryptocurrency rose by 0.38 percent over the last 24 hours, according to Gadgets 360's price tracker. Analysts, however, cautioned that weak spot-market participation and cautious derivatives positioning continue to prevent a stronger breakout, while investors remain focused on Friday's US employment report for clues on the Federal Reserve's next policy move.

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Major altcoins traded mostly higher on Wednesday.

Binance Coin (BNB) was priced around $598.92 (roughly Rs. 57,017), while Solana (SOL) traded near $73.73 (roughly Rs. 7,019). XRP hovered around $1.06 (roughly Rs. 101), and Dogecoin (DOGE) was trading close to $0.07 (roughly Rs. 6.6), indicating selective buying across large-cap cryptocurrencies.

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Easing Geopolitical Tensions Improve Risk Appetite

Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs recorded net inflows of $170.1 million (roughly Rs. 1,620 crore) on August 3. However, several consecutive days of inflows will be needed to confirm a sustained recovery in institutional demand [...] Investors should avoid chasing the recovery. Staggered buying, limited leverage and disciplined position sizing remain prudent ahead of Friday's US employment report.”

Commenting on the latest market trends, the CoinSwitch Markets Desk said, “Softer oil prices and falling Treasury yields supported gains in US equities, with the Nasdaq rising nearly 3 percent. Technically, holding above $64,000 (roughly Rs. 60.93 lakh) keeps the near-term trend constructive, with $64,400 (roughly Rs. 61.31 lakh) as the next resistance, while $63,600 (roughly Rs. 60.55 lakh) remains the key support on the downside.”

Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Progress towards reopening the Strait of Hormuz has pulled oil prices down nearly 5 percent, easing inflation worries and bringing the market's expectation of a September Federal Reserve rate hike down to 57-59 percent from almost 67 percent. At the same time, Bitcoin futures open interest has fallen from 776,000 BTC on July 3 to around 740,000 BTC, indicating lower leverage. A similar market setup in April led to $762 million (roughly Rs. 7,255 crore) in mostly short liquidations, increasing the possibility of another short squeeze.”

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Overall, analysts said easing geopolitical tensions, lower oil prices, and improving risk appetite have helped Bitcoin remain above $64,000. However, subdued spot-market activity, cautious derivatives positioning, and the upcoming US employment report are expected to determine whether the cryptocurrency can break above the $64,500-$66,000 (roughly Rs. 61.40 lakh-Rs. 62.83 lakh) resistance range and sustain its recovery.

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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.

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Further reading: Cryptocurrency, Bitcoin, Ethereum

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More