Traders remain cautious as crypto investors monitor support zones and liquidity conditions.
Bitcoin trades steadily while traders evaluate market signals ahead of key resistance tests
Photo Credit: Unsplash/Traxer
Bitcoin's price hovered near $90,786 (roughly Rs. 80.28 lakh) on Wednesday, a day after the value of the digital asset slipped below $90,000 (roughly Rs. 79.5 lakh). The market has now corrected nearly 30 percent from its October peak, resetting expectations and nudging traders into a more cautious stance amidst thin liquidity and muted institutional flows. The current zone could either become an early base for recovery or a slide deeper toward a crypto winter, depending on whether liquidity improves and buyers return. Ethereum (ETH) traded around $3,025 (roughly Rs. 2.68 lakh). According to the Gadgets 360 price tracker, Bitcoin is priced around Rs. 80.2 lakh in India, while Ethereum trades near Rs. 2.68 lakh.
The prices of various altcoins were fluctuating on Wednesday, and these assets remain under pressure as traders navigated cautious macro conditions. XRP hovered around $2.15 (roughly Rs. 190), while Binance Coin (BNB) fell to $920.41 (roughly Rs. 81,382). Solana (SOL) traded near $138.02 (roughly Rs. 12,204) and Dogecoin (DOGE) declined to $0.1577 (roughly Rs. 13.94).
Avinash Shekhar, Co-Founder and CEO of Pi42, said the market has now entered a decisive zone. “Fear is still dominant, and some assets without strong utility are under heavier pressure, but the broader setup is not one-sided. If liquidity stabilises and buyers return, this zone can act as an early base for a recovery [...] The next stretch will reveal whether bears maintain control or whether the first signs of a rebound take shape.”
Mudrex CEO Edul Patel highlighted early signs of recovery supported by whale activity. “The market now awaits the US FOMC meeting minutes. Any indication of easing in the December outlook could support a broader bullish shift. Currently trading at $92,600 (roughly Rs. 81.9 lakh), BTC faces immediate resistance above $94,300 (roughly Rs. 83.4 lakh), with $90,000 (roughly Rs. 79.5 lakh) acting as a strong support.”
The CoinSwitch Markets Desk observed improving short-term momentum. “The broader crypto market gained 2.3 percent, outperforming traditional assets for the first time in weeks as investors showed appetite for dips. BTC is currently consolidating between $92,000–$93,000 (roughly Rs. 81.1 lakh–Rs. 82 lakh) after the bounce, with bulls eyeing the $94,000 (roughly Rs. 83.03 lakh) resistance zone.”
Market sentiment remains subdued, with analysts noting that Bitcoin's ability to defend the $90,000–$94,000 (roughly Rs. 79.5 lakh–Rs. 83 lakh) range will be key in determining whether a base for recovery forms or whether the market tilts further toward extended weakness.
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