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Bitcoin Remains Steady as Rising Oil Prices and Investor Caution Fuel Inflation Fears

Bitcoin Remains Steady as Rising Oil Prices and Investor Caution Fuel Inflation Fears

Markets remain cautious as traders assess inflation risks and await the Fed’s next policy decision.

Written by Rahul Dhingra, Edited by David Delima | Updated: 12 June 2026 13:52 IST

Bitcoin Remains Steady as Rising Oil Prices and Investor Caution Fuel Inflation Fears

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Oil-driven inflation worries and Fed expectations kept crypto traders cautious

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Highlights

Bitcoin support strengthens despite broader macroeconomic headwinds
Investors await Fed meeting for clues on interest rate outlook
Negative exchange netflows point to continued accumulation

Bitcoin traded near $63,220 (roughly Rs. 60.3 lakh) on Friday, as the cryptocurrency market remained cautious despite a modest recovery in prices. The world's largest cryptocurrency was priced around $63,220 (roughly Rs. 60.3 lakh), based on today's market data. Ethereum (ETH) was trading near $1,661 (roughly Rs. 1.58 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 60.3 lakh in India, while Ethereum trades near Rs. 1.58 lakh, as per today's Gadgets 360 price tracker.

Analysts noted that rising oil prices during the ongoing US-Iran conflict, persistent inflation concerns, and investor caution ahead of the US Federal Reserve meeting have kept risk appetite subdued across financial markets.

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Major altcoins traded with limited gains on Friday, mainly following Bitcoin's movement. Binance Coin (BNB) was priced around $600.35 (roughly Rs. 57,275), while Solana (SOL) traded near $66.61 (roughly Rs. 6,355). XRP hovered around $1.13 (roughly Rs. 108), and Dogecoin (DOGE) was trading close to $0.087 (roughly Rs. 8.3), indicating that investors remain selective despite the market's recent stabilisation.

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Rising Oil Prices and Fed Expectations Shape Crypto Market Sentiment

Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin is trading above $63,000 (roughly Rs. 60.1 lakh) despite several headwinds weighing on risk assets. Rising oil prices following the closure of the Strait of Hormuz have increased inflation concerns, while US PPI inflation jumping 6.5 percent has raised expectations of a potential Fed rate hike, with markets now pricing in roughly a 40 percent chance by September.”

Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Investors are positioning ahead of the Federal Reserve's June 16-17 meeting. Policymakers are widely expected to leave interest rates unchanged as inflation concerns continue to persist. Watch the $62,500 (roughly Rs. 59.6 lakh) support zone and ETF flow trends closely. Investors should avoid overleveraged positions until the Fed meeting provides greater clarity on the macro outlook.”

Commenting on current market sentiment, the CoinSwitch Markets Desk said, “While rising oil prices and stronger producer inflation have made traders more cautious around Fed policy, BTC's current setup is more about patience than panic. Spot ETF outflows and softer futures demand show that institutional participation has cooled, but historically, low-volume phases often precede stronger moves once confidence returns.”

Overall, analysts said the crypto market remains in a cautious consolidation phase as investors balance improving on-chain signals against inflation concerns, rising energy prices, and uncertainty surrounding the upcoming Federal Reserve meeting. Bitcoin's ability to defend the $61,600-$62,500 (roughly Rs. 58.8 lakh–Rs. 59.6 lakh) support range and eventually reclaim higher resistance levels will remain key to determining near-term market direction.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ethereum, Crypto markets

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More