Bitcoin Holds Near $79,000 as Profit-Taking and US Data Put Rally to Test

Bitcoin traded near Rs. 75.1 lakh on Wednesday as the cryptocurrency market consolidated below Rs. 76 lakh following a strong August rally. Ethereum (ETH) was trading near Rs. 2.3 lakh, while major altcoins remained mixed as investors booked some profits. According to market participants, sustained institutional demand, improving liquidity and stronger market momentum have supported Bitcoin's recovery, although profit-taking by large holders and upcoming US economic data could determine the next direction. As per the data by CoinGecko, Bitcoin traded near $79,100 (roughly Rs. 75.3 lakh) and Ethereum (ETH) was trading near $2,450 (roughly Rs. 2.3 lakh).

The world's largest cryptocurrency witnessed a drop of 2.2 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said US spot Bitcoin ETFs attracted about $2.26 billion (roughly Rs. 21,524 crore) between August 17 and 24, while improving liquidity and a weaker dollar have supported the latest move. However, Bitcoin's inability to sustain levels above $80,000 (roughly Rs. 76.1 lakh) and growing profit-taking could limit near-term gains, with the market also awaiting US PCE inflation and GDP data.

Major altcoins traded with mixed momentum on Wednesday.

Binance Coin (BNB) was priced around $699 (roughly Rs. 66,500), while Solana (SOL) traded near $99.76 (roughly Rs. 9,500). XRP hovered around $1.48 (roughly Rs. 140), while Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.5), indicating that investors were becoming more selective across major cryptocurrencies.

Key US Economic Data Could Shape Market Direction

Pointing to Bitcoin's latest momentum and the factors that could determine its next move, Prateek Gupta, Head of Business, Mudrex, said, “he broader trend remains positive, but a sustained move above the 365-day moving average near $83,000 (roughly Rs. 79.1 lakh) would provide stronger confirmation of a bull market. Momentum has improved significantly, with CryptoQuant's Bull Score jumping from 30 to 80 in one week, its highest level since October 2025.”

Highlighting the role of institutional demand and the growing signs of profit-taking, Ashish Singhal, Co-founder of CoinSwitch, said, “Bitcoin's recovery is facing a key test after slipping below $80,000 (roughly Rs. 76.1 lakh). A sustained move above $83,000 (roughly Rs. 79.1 lakh) would give the current rally greater strength, while continued rejection around these levels could lead to a deeper correction. Buying activity through ETFs and the broader market remains healthy, although large investors appear to be booking profits, with about 53,000 BTC sent to exchanges.”

Assessing Bitcoin's consolidation following its August rally and the impact of institutional flows, Vikram Subburaj, CEO, Giottus.com, said, “The move has been supported by sustained institutional demand. US spot Bitcoin ETFs attracted about $2.26 billion (roughly Rs. 21,524 crore) between August 17 and 24. A weaker dollar and improving liquidity conditions have also supported the move [...] Attention is now on July PCE inflation and Q2 GDP data, followed by Jackson Hole. Markets currently see roughly a 60 percent chance that the Fed holds rates at 3.50-3.75 percent in September [...]  Investors should avoid chasing recent gains. Staggered entries, smaller positions, and controlled leverage are preferable. 

Overall, ETF buying and improving liquidity continue to support the broader recovery. The movement of large Bitcoin holders to exchanges could add selling pressure if momentum weakens. The upcoming PCE inflation and GDP data, followed by signals from Jackson Hole, could provide the next major catalyst.