Bitcoin Holds Near $62,500 as Crypto Investors Remain Cautious Ahead of US Inflation Data

Bitcoin traded near $62,500 (roughly Rs. 60.1 lakh) on Tuesday as the cryptocurrency market remained cautious ahead of the release of the US Consumer Price Index (CPI) report, while rising geopolitical tensions in the Strait of Hormuz continued to keep investors on edge. The world's largest cryptocurrency witnessed a 0.80 percent decline in the past 24 hours, based on today's CoinMarketCap data. Ethereum (ETH) was trading near $1,770 (roughly Rs. 1.71 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 60.12 lakh in India, while Ethereum trades near Rs. 1.71 lakh, as per today's Gadgets 360 price tracker.

Analysts noted that while investors remain cautious, on-chain data showed long-term Bitcoin holders accumulated 5,912 BTC over the past two days, reflecting continued confidence despite near-term macroeconomic and geopolitical risks.

On Tuesday, Binance Coin (BNB) was priced around $569.32 (roughly Rs. 54,770), while Solana (SOL) traded near $74.87 (roughly Rs. 7,202). XRP hovered around $1.06 (roughly Rs. 102), and Dogecoin (DOGE) was trading close to $0.072 (roughly Rs. 6.9), indicating subdued sentiment across large-cap cryptocurrencies.

Macro Events and Geopolitical Risks Take Centre Stage

Sharing his assessment of the latest market action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin is trading around the $62,500 (roughly Rs. 60.1 lakh) level as investors remain cautious amid rising geopolitical tensions in the Middle East and concerns that disruptions around the Strait of Hormuz could push inflation higher. The market is now waiting for the US CPI report and Fed Chair Kevin Warsh's testimony, which are expected to provide fresh direction on interest rate expectations.”

Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “Recent US spot Bitcoin ETF flows have been inconsistent. ETFs recorded a $239 million (roughly Rs. 2,299 crore) net outflow on July 13. This followed modest net inflows during the previous week. This suggests institutional investors are not yet buying the recovery with conviction [...] Investors should avoid reacting aggressively to short-term volatility.”

Commenting on the latest market trends, the CoinSwitch Markets Desk said, “BTC closed last week above its 200-week moving average, preserving an important technical support level [...] Stablecoin supply has also declined, suggesting that some capital moved back into fiat rather than remaining within the crypto ecosystem. However, this is viewed as a temporary correction rather than a structural deterioration in market liquidity.”

Overall, analysts said the crypto market is likely to remain driven by this week's US inflation data and developments surrounding geopolitical tensions in the Middle East. While long-term Bitcoin accumulation suggests underlying confidence, investors are expected to watch whether Bitcoin can reclaim $64,000 (roughly Rs. 61.56 lakh) or fall back toward the $60,000 (roughly Rs. 57.71 lakh) support level as fresh macroeconomic signals emerge.