Bitcoin Holds Near $65,000 as ETF Demand Counters Inflation Concerns

Bitcoin traded near $65,400 (roughly Rs. 63.12 lakh) on Thursday as the cryptocurrency market remained range-bound despite steady institutional demand, with inflation concerns and geopolitical tensions limiting further gains. The world's largest cryptocurrency rose by 3.1 percent in the last week, based on today's CoinMarketCap data. Ethereum (ETH) was trading near $1,900 (roughly Rs. 1.85 lakh), reflecting subdued movement across the broader crypto market. Bitcoin is currently priced around Rs. 63.12 lakh in India, while Ethereum trades near Rs. 1.85 lakh, as per today's Gadgets 360 price tracker.

Analysts said investors are also watching the upcoming US Federal Reserve meeting, with stronger institutional participation helping Bitcoin defend key support levels even as broader risk appetite remains cautious.

Major altcoins traded slightly lower on Thursday, broadly tracking Bitcoin's consolidation. Binance Coin (BNB) was priced around $568.94 (roughly Rs. 54,910), while Solana (SOL) traded near $77.10 (roughly Rs. 7,441). XRP hovered around $1.13 (roughly Rs. 109), and Dogecoin (DOGE) was trading close to $0.072 (roughly Rs. 7.0), indicating selective participation across large-cap cryptocurrencies.

Fed Meeting and Resistance Levels Remain in Focus

Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Rising investment by large technology companies in AI infrastructure is keeping inflation concerns alive, supporting higher bond yields and limiting gains in risk assets. At the same time, geopolitical tensions have increased following disruptions to Iran's oil exports.”

Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “The market is cautious ahead of the July 28-29 Federal Reserve meeting, while higher oil prices and Treasury yields have revived inflation concerns [...] Investors should avoid chasing short-term moves. Staggered buying and disciplined position sizing remain preferable until Bitcoin clears $69,000 (roughly Rs. 66.59 lakh) with sustained ETF and spot demand.”

Commenting on the latest market trends, the CoinSwitch Markets Desk said, “Options traders have built nearly $2.5 billion (roughly Rs. 24,128 crore) in positions targeting $72,000 (roughly Rs. 69.5 lakh) by the end of July, pointing to expectations of increased volatility around the upcoming Fed meeting. A sustained move above $70,000 (roughly Rs. 67.56 lakh) would improve momentum, but stronger ETF inflows or another major catalyst may still be needed to confirm a broader recovery.”

Overall, analysts said institutional demand continues to provide support for the crypto market despite persistent macroeconomic and geopolitical headwinds. However, inflation concerns, the upcoming Federal Reserve meeting and Bitcoin's ability to break above the $66,500-$69,000 (roughly Rs. 64.18 lakh-Rs. 66.59 lakh) resistance range will likely determine the market's next direction.