Bitcoin Slips Below $80,000 as Oil Surge and Fed Uncertainty Weigh on Sentiment

Bitcoin traded at Rs. 76.1 lakh on Monday as cryptocurrency markets came under pressure from rising oil prices and uncertainty ahead of the US Federal Reserve's October 27-28 meeting. Ethereum (ETH) was priced at Rs. 2.21 lakh, while major altcoins showed mixed movements. Market participants said that Brent crude reached an eight-month high of $116 (roughly Rs. 11,000) a barrel and the 10-year US Treasury yield touching 5 percent had weakened appetite for riskier assets. As per the market prices shared, Bitcoin traded at $79,900 (roughly Rs. 76 lakh), while Ethereum was priced at $2,300 (roughly Rs. 2.1 lakh).

The world's largest cryptocurrency fell 2 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said Bitcoin had steadied near $80,400 (roughly Rs. 76.5 lakh) after a weekend sell-off took it to a monthly low of $79,100 (roughly Rs. 75.3 lakh), with support around $78,000 (roughly Rs. 74.2 lakh). US spot Bitcoin ETFs recorded weekly net inflows of more than $300 million (roughly Rs. 2,855 crore), despite the recent price decline.

Major Altcoins Show Mixed Momentum on Monday

Binance Coin (BNB) was priced around $738 (roughly Rs. 70,200), while Solana (SOL) traded near $100 (roughly Rs. 9,500). XRP hovered around $1.28 (roughly Rs. 121), while Dogecoin (DOGE) traded near $0.076 (roughly Rs. 7.6). 

ETF Inflows Persist as Traders Monitor Key Bitcoin Support Levels

Highlighting the impact of rising oil prices and the upcoming Federal Reserve meeting on Bitcoin's performance, the CoinSwitch Markets Desk said, “Markets are zeroed in on the Federal Reserve's October 27-28 meeting for any clues on interest rates that could sway risk appetite and the dollar, while elevated oil prices and sticky inflation keep shaping the broader macro backdrop [...] The price remains below its 50-day moving average around $81,700 (roughly Rs. 77.8 lakh), with support sitting near $78,000 (roughly Rs. 74.2 lakh).”

Commenting on Bitcoin's decline, institutional demand and the key levels traders are watching, Prateek Gupta, Head of Business at Mudrex, said, “Bitcoin's slide to $79,000 (roughly Rs. 75.19 lakh), its lowest level since September 18, as Brent crude touched $116 (roughly Rs. 11,000) a barrel, an eight-month high, while the 10-year US Treasury yield hit 5 percent, dampening risk appetite. However, weekly net inflows of over $300 million (roughly Rs. 2,855 crore) into US spot Bitcoin ETFs suggest institutional demand has not disappeared. Exchange data also points to restrained selling, with average net outflows of around 1,500 BTC daily over the past 30 days.”

Discussing Bitcoin's recent price movement, ETF flows and the importance of risk management, Vikram Subburaj, CEO of Giottus.com, said, “Selling pressure and uncertainty ahead of the US Federal Reserve's October 27-28 meeting are weighing on sentiment. A Reuters poll found that 94 of 100 economists expected the Fed to hold rates at 3.75-4.00 percent in October, while all respondents expected a rate increase in December [...] Investors should avoid trying to catch a falling market. Consider staggered entries, maintain measured position sizes and monitor Bitcoin's $80,000 (roughly Rs. 76.1 lakh) support, ETF flows and Fed signals before increasing exposure.”

Overall, analysts said Bitcoin's ability to hold around $79,000-$80,000 (roughly Rs. 75.1 lakh-Rs. 76.1 lakh) remains important, while resistance around $81,400-$82,000 (roughly Rs. 77.4 lakh-Rs. 78 lakh) could determine whether a recovery gains traction. Investors are also watching inflation data, the upcoming $11 billion (roughly Rs. 1,04,698 crore) options expiry, and signals from the Fed for clues about the market's next move.