Crypto market takes another hit as traders weigh US uncertainty, whale activity, and key support levels.
Bitcoin trades near key support as uncertainty shapes market sentiment and liquidity tightens
Photo Credit: Unsplash/Jonathan Borba
Bitcoin's price hovered near $86,200 (roughly Rs. 76.5 lakh) on Friday after a sharp decline triggered by rising macroeconomic uncertainty in the US and a major Bitcoin whale selling spree that unsettled sentiment. Traders grew cautious after September unemployment data came in higher than expected at 4.4 percent, while the absence of October data created an information gap before the US Federal Reserve's next policy decision. According to analysts, defending support at $84,500 (roughly Rs. 74.9 lakh) will be crucial in preventing a deeper slide. Ethereum (ETH) traded around $2,800 (roughly Rs. 2.50 lakh). According to the Gadgets 360 price tracker, Bitcoin is priced around Rs. 76.5 lakh in India, while Ethereum trades near Rs. 2.50 lakh.
On Friday, altcoins mirrored broader market weakness as Solana (SOL) dropped 7.8 percent to $132 (roughly Rs. 11,750), XRP fell 7.2 percent to $1.98 (roughly Rs. 175), Binance Coin (BNB) slipped 5 percent to $863 (roughly Rs. 76,530), while Dogecoin (DOGE) declined 6.6 percent to $0.14 (roughly Rs. 13.06).
Mudrex CEO Edul Patel says rising macro uncertainty and whale activity continue to weigh on market sentiment. “The crypto market is consolidating with Bitcoin trading near $86,500 (roughly Rs. 76.6 lakh) as macroeconomic uncertainty increases in the US [...] Buyers now need to defend the $84,500 (roughly Rs. 74.9 lakh) support to prevent a deeper move toward $80,000 (roughly Rs. 70.8 lakh), while $91,000 (roughly Rs. 80.6 lakh) remains the key resistance.”
Bitcoin's pullback reflects growing macro concerns in the US, according to CoinSwitch Co-Founder Ashish Singhal. “Investors are advised to exercise caution and avoid making aggressive, emotion-driven decisions. A measured approach, focused on risk management and long-term strategy, remains critical as markets react to ongoing economic signals. The key psychological level to watch is $80,000 (roughly Rs. 70.8 lakh). Historically, strong support zones tend to attract buying interest.”
Meanwhile, Pi42 CEO Avinash Shekhar says the recent whale liquidation highlights a shift in short-term sentiment. “Large-scale liquidations do not decide the long-term trajectory on their own, but they do raise a yellow flag. A holder with more than a decade of accumulation choosing to exit now increases market pressure and draws attention to potential liquidity stress.
[...] Our view is that Bitcoin's structural value proposition remains intact.”
Market sentiment remains fragile, but not broken. Analysts say Bitcoin must hold the $84,500–$88,000 (roughly Rs. 74.9 lakh–Rs. 78 lakh) band to avoid extending losses, while any meaningful rebound will depend on whether selling pressure from whales eases, macro visibility improves and longer-term accumulation resumes heading into December.
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