Bitcoin Stays Near $83,000 as October Fed Hike Odds Drop Below 50 percent

Bitcoin traded near Rs. 79.8 lakh on Wednesday as the cryptocurrency market remained stable amid easing expectations of another Federal Reserve rate hike in October. However, elevated Treasury yields continued to limit gains. Ethereum (ETH) was trading near Rs. 2.56 lakh, while major altcoins showed mixed momentum. Market participants said a more supportive rate outlook and continued institutional demand are helping Bitcoin hold current levels, while upcoming US economic data could influence the next move. As per the market prices shared, Bitcoin traded near $83,300 (roughly Rs. 79.8 lakh), and Ethereum was trading near $2,660 (roughly Rs. 2.56 lakh).

The world's largest cryptocurrency fell 0.3 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said institutional demand remains supportive, with ETF inflows continuing, while lower derivatives leverage has reduced some speculative pressure. 

Major Altcoins Traded With Mixed Momentum on Wednesday

Binance Coin (BNB) was priced around $759 (roughly Rs. 72,700), while Solana (SOL) traded near $118.21 (roughly Rs. 11,300). XRP hovered around $1.50 (roughly Rs. 143), while Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.6). 

Easing Rate Expectations Support Bitcoin Market

Highlighting the improved rate outlook and continued institutional demand, Prateek Gupta, Head of Business, Mudrex, said, “The Fed's dovish stance has pushed October hike expectations below 50 percent, from roughly 70 percent a week ago, although the 30-year Treasury yield remains at a 24-year high. ETF demand continues to provide a floor, with eight straight days of inflows and around $3 billion (roughly Rs. 28,800 crore) added since September 17. The market structure is also healthier than previous rallies, with open interest falling as prices rise, while leverage remains low despite elevated profit-taking.”

Commenting on Bitcoin's recovery and the balance between institutional demand and the broader macroeconomic backdrop, Vikram Subburaj, CEO of Giottus.com, said, “The market is balancing strong institutional demand with a more challenging macro backdrop. US spot Bitcoin ETFs have continued to see inflows after a sharp reversal in mid-September, while derivatives leverage has cooled, reducing some of the excess speculative positioning [...] Investors should avoid chasing short-term rallies. The $82,000-$83,000 (roughly Rs. 78.72 lakh-Rs. 79.68 lakh) zone is important support, while macro data and ETF flows should be watched closely before taking fresh positions.”

Pointing to stable trading conditions and continued institutional demand, Nischal Shetty, Founder, WazirX, said, “Crypto markets remained stable as slower US job openings and falling consumer confidence strengthened expectations that the Federal Reserve may wait before raising rates again [...] Asian markets were mixed, with the Nikkei, KOSPI and Shanghai advancing, while the Hang Seng and Sensex declined. Key crypto support levels remained intact, indicating that sellers had not gained control. Bitcoin ETFs added $15.1 million (roughly Rs. 144 crore), while Ethereum ETFs attracted 2,270 ETH.”

Overall, Bitcoin is struggling to move beyond $83,500 (roughly Rs. 80.1 lakh), but institutional demand continues to provide support, while lower leverage has reduced some speculative excess. Bitcoin's $82,000-$83,000 (roughly Rs. 78.7 lakh-Rs. 79.6 lakh) support zone remains important, while $84,500 (roughly Rs. 81.1 lakh) is the next hurdle.