Bitcoin Holds Near $79,000 as Traders Await US Inflation Data

Bitcoin traded near Rs. 75.5 lakh on Wednesday as the cryptocurrency market remained range-bound ahead of key US inflation data that could influence expectations for the Federal Reserve's September meeting. Ethereum (ETH) was trading near Rs. 2.4 lakh, while major altcoins posted mixed but mostly positive momentum. According to market participants, higher crude prices and renewed inflation concerns continue to weigh on risk assets, while resilient market fundamentals and institutional demand are providing some support. As per the market prices shared, Bitcoin traded near $79,200 (roughly Rs. 75.3 lakh), and Ethereum was trading near $2,500 (roughly Rs. 2.37 lakh).

The world's largest cryptocurrency rose 1.74 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said Bitcoin's near-term direction is increasingly tied to upcoming US PPI and CPI data, with markets pricing in around a 58-60 percent probability of a September 25 basis point Fed rate hike. ETF inflows and the fact that a large share of Bitcoin supply remains in profit continue to support the broader market. 

Major altcoins traded with mixed momentum on Wednesday.

Binance Coin (BNB) was priced around $755 (roughly Rs. 71,700), while Solana (SOL) traded near $102 (roughly Rs. 9,700). XRP hovered around $1.4 (roughly Rs. 133), while Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.5), indicating mixed flows. 

Inflation Data Emerges As Key Market Catalyst

Highlighting Bitcoin's sensitivity to macroeconomic developments, the CoinSwitch Markets Desk said, “Bitcoin's near-term direction is increasingly tied to the inflation data, with PPI and CPI now set to provide the next major signal for rate expectations. The recent dip below $78,000 (roughly Rs. 74.2 lakh) came as higher oil prices and renewed Middle East tensions added to inflation worries, while resilient employment has kept the case for a September 25 bps rate hike alive at a 58–59 percent probability.”

Pointing to Bitcoin's resilience despite inflation concerns, Prateek Gupta, Head of Business, Mudrex, said, “Market fundamentals offer some support, with 71 percent of BTC supply currently in profit, a level that has historically marked shifts from bear to bull markets. Short-term whale profits have also fallen from a record $9 billion (roughly Rs. 86,265 crore) to $7.5 billion (roughly Rs. 71,428 crore), but remain high enough to create selling pressure if prices weaken.”

Assessing market positioning ahead of the inflation data, Vikram Subburaj, CEO, Giottus.com, said, “Spot momentum has weakened even as futures and options positioning has increased. This suggests traders are cautious but preparing for greater volatility. Institutional demand remains supportive, with US spot Bitcoin ETFs attracting about $770 million (roughly Rs. 7,323 crore) in net inflows between September 1 and 4 [...] Avoid excessive leverage before inflation data. Staggered accumulation remains preferable.”

Overall, analysts said, higher oil prices and renewed Middle East tensions have kept inflation concerns elevated, while resilient employment has maintained expectations of a rate hike. Analysts are now watching the $77,600-$78,000 (roughly Rs. 73.81 lakh-Rs. 74.19 lakh) support zone, while a move back above $80,000 (roughly Rs. 76.09 lakh) could help restore stronger momentum.