Crypto markets steady as traders assess global cues and position for potential Fed policy shifts.
Crypto prices edge higher as macro signals and market resilience support modest gains
Photo Credit: Unsplash/Michael Förtsch
Bitcoin's price hovered around the $93,200 (roughly Rs. 84.1 lakh) mark on Thursday as the global crypto market continued to recover from a sharp decline in November. Analysts say improving sentiment, reduced speculative pressure in Ethereum, and growing buyer confidence, which is supported by softer US economic data and rising expectations of a Federal Reserve rate cut, helped Bitcoin maintain its recent gains. Ethereum (ETH) hovered near $3,100 (roughly Rs. 2.87 lakh). According to the Gadgets 360 tracker, Bitcoin is priced at around Rs. 84.1 lakh in India, while Ethereum trades at nearly Rs. 2.87 lakh.
Altcoins posted modest gains alongside Bitcoin's resilience. Solana (SOL) traded at $143.97 (roughly Rs. 12,900), XRP hovered at $2.18 (roughly Rs. 197), and Binance Coin (BNB) stood at $911.62 (roughly Rs. 82,200). Dogecoin (DOGE) traded at $0.15 (roughly Rs. 13.6).
Nischal Shetty, Founder, WazirX, said the market is starting to recover from recent downturns.
“Global crypto markets are slowly shaking off November's gloom with recovery signals showing across Bitcoin, Ethereum and select altcoins. Recent data shows ETH leverage resetting, which removes a layer of speculative pressure [...] Price-wise altcoins may offer meaningful opportunity in the coming weeks, especially if macro sentiment stabilises.”
Akshat Siddhant, Lead Quant Analyst, Mudrex, said that despite awaiting macro cues, Bitcoin remains in a better position. “Bitcoin remains firm around the $94,000 (roughly Rs. 84.8 lakh) level after a solid 12 percent weekly upswing, keeping the broader uptrend intact. With the FOMC meeting approaching, market participants are looking for fresh cues [...] Attention now shifts to the U.S. jobless claims report, which may provide the momentum needed to extend Bitcoin's advance and further strengthen sentiment.”
The Pi42 Markets Desk said improving investor confidence and institutional activity are supporting the recovery. “The steadiness in price shows that buyers are becoming more confident after last week's volatility. The recovery has been stronger than expected and is being helped by improving sentiment, growing institutional interest, and the possibility of fresh ETF inflows. If Bitcoin continues to trade above this range and global markets stay focused on the Fed's shifting outlook, it could create the conditions for a push toward higher resistance levels.”
Expectations of a more dovish Federal Reserve and potential ETF inflows are also supporting the market's structure.
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