Bitcoin remains supported by softer rate expectations and strong buying from large holders.
Crypto markets remain mixed as investors assess changing monetary policy expectations
Photo Credit: Unsplash/Kanchanara
Bitcoin traded near Rs. 80.8 lakh on Thursday as the cryptocurrency market balanced renewed institutional demand and whale accumulation against elevated Treasury yields and softer spot momentum. Ethereum (ETH) was trading near Rs. 2.59 lakh, while major altcoins showed mixed momentum. Market participants said softer August PCE inflation has reduced expectations of an October Federal Reserve rate hike, but the improved rate outlook has yet to translate into a sustained Bitcoin recovery. According to CoinGecko data, Bitcoin traded near $84,200 (roughly Rs. 80.8 lakh), and Ethereum was trading near $2,700 (roughly Rs. 2.59 lakh).
The world's largest cryptocurrency fell 0.3 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said whale accumulation of more than 41,000 BTC over 10 days is providing support, although weaker speculative futures demand and rising altcoin deposits remain caution signals.
Binance Coin (BNB) was priced around $770 (roughly Rs. 73,900), while Solana (SOL) traded near $119 (roughly Rs. 11,400). XRP hovered around $1.50 (roughly Rs. 144), while Dogecoin (DOGE) traded near $0.095 (roughly Rs. 9.5).
Highlighting the impact of softer inflation and whale accumulation on Bitcoin's outlook, Prateek Gupta, Head of Business, Mudrex, said, “Elevated Treasury yields limited the recovery. September broke Bitcoin's usual seasonal pattern, with BTC gaining 6.35 percent even as the dollar posted its strongest month since June. Whales accumulated more than 41,000 BTC over 10 days, while speculative futures demand dropped 90 percent in two weeks, pointing to lower leverage but weaker momentum. Rising altcoin exchange deposits remain a caution signal.”
Commenting on the balance between institutional demand and the broader macroeconomic backdrop, Vikram Subburaj, CEO of Giottus.com, said, “US spot Bitcoin ETFs saw strong inflows through September. This helped support Bitcoin's recovery. However, spot demand has moderated in recent sessions. This has kept the upside measured [...] US August PCE inflation rose 3.4 percent year-on-year. Core PCE was at 3 percent. The softer inflation reading has reduced expectations of an October Fed rate hike [...] For investors, patience remains important in the current environment. Avoid chasing sharp short-term price moves [...] Investors should also watch ETF flows, US jobs data and upcoming inflation readings for clearer signals on market direction.”
Pointing to Bitcoin's resilience after the latest inflation data and the importance of its technical structure, the CoinSwitch Markets Desk said, “The softer August PCE print has improved the rate backdrop, with headline inflation at 3.4 percent and core at 3 percent, but that has yet to translate into a sustained move higher. BTC has still held above its 50-, 100- and 200-day moving averages and delivered its strongest weekly close since January, so the underlying structure remains firm.”
Overall, analysts said institutional demand and whale accumulation are providing support, but moderated spot buying, a sharp drop in speculative futures demand, and rising altcoin exchange deposits point to weaker momentum. Bitcoin's $82,000-$82,500 (roughly Rs. 78.7 lakh-Rs. 79.1 lakh) support zone remains important, while reclaiming $85,000 (roughly Rs. 81.5 lakh) could determine whether the latest recovery gains further momentum.
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