Bitcoin remains range-bound as subdued trading activity keeps investors cautious.
Major cryptocurrencies show mixed price action as market participants assess the latest developments
Photo Credit: Unsplash/Kanchanara
Bitcoin traded near Rs. 60.6 lakh on Wednesday as the cryptocurrency market remained under pressure ahead of the US inflation report, with repeated rejection above $65,000 (roughly Rs. 62 lakh) and cautious demand weighing on sentiment. Ethereum (ETH) was trading near Rs. 1.79 lakh, reflecting mixed movement across major cryptocurrencies. According to market participants, Bitcoin has struggled to sustain its recovery as investors assess ETF flows, subdued market participation, and shifting expectations around Federal Reserve policy. As per CoinMarketCap data, Bitcoin traded near $63,500 (roughly Rs. 60.6 lakh), and Ethereum (ETH) traded near $1,880 (roughly Rs. 1.8 lakh).
The world's largest cryptocurrency declined 0.38 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said Bitcoin's repeated failure to hold above $65,000 (roughly Rs. 62 lakh) has kept the cryptocurrency range-bound, while investors are awaiting the July US Consumer Price Index (CPI) data for fresh direction.
Binance Coin (BNB) was priced around $610.16 (roughly Rs. 58,200), while Solana (SOL) traded near $76.12 (roughly Rs. 7,250). XRP hovered around $1.01 (roughly Rs. 96), and Dogecoin (DOGE) was trading close to $0.071 (roughly Rs. 6.8), indicating selective participation across large-cap cryptocurrencies.
Prateek Gupta, Head of Business, Mudrex, said Bitcoin's repeated rejection above the $65,000 level has kept the market cautious, adding, “Investors appear to be favouring gold, with gold ETFs drawing $637 million (roughly Rs. 608 crore) in one day last week, well above the $244 million (roughly Rs. 233 crore) attracted by Bitcoin ETFs [...] This softer rate outlook could support a recovery in risk assets.”
The CoinSwitch Markets Desk said the upcoming inflation reading could prove decisive for Bitcoin's next move, noting, “What stands out at the moment is how subdued the market has become. Volumes are at their lowest in roughly three years, while implied volatility has also fallen sharply. At the same time, there is a steady flow of spot ETF buying, alongside OTC selling from miners and Strategy, which has kept the market finely balanced. That makes the inflation data particularly important for the next phase of price action. ”
Vikram Subburaj, CEO, Giottus.com, said Bitcoin's recent ETF flows and muted spot activity are keeping the market below key resistance levels, adding, “US spot Bitcoin funds attracted $865.3 million (roughly Rs. 8,256 crore) between August 3 and 7. However, outflows returned this week. This, along with subdued spot activity, has kept Bitcoin below the $64,500-$66,000 resistance zone. Investors should avoid chasing moves before the inflation release.”
Overall, analysts said Bitcoin remains range-bound as repeated rejection above $65,000 (roughly Rs. 62.02 lakh) and subdued market activity keep investors cautious ahead of the US CPI report. However, softer expectations for Federal Reserve rate hikes and continued spot ETF demand could support a recovery if inflation comes in below expectations.
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