Bitcoin Price Steadies at $112,900 Amidst Crypto Market Turmoil

Bitcoin's price hovered around $112,900 (roughly Rs. 1 crore) while Ethereum was trading at $4,200 (roughly Rs. 3.7 lakh) on Tuesday, as the crypto market extended its pullback. Several major tokens were pushed to the red zone due to heavy liquidations across the market, causing the downturn. While BTC and ETH showed signs of resilience near critical support levels, altcoins such as BNB and Solana witnessed sharper losses. Bitcoin stands at Rs. 1 crore, while Ethereum trades at Rs. 3.7 lakh according to the price tracker on Gadgets 360. 

Altcoins Slide Further as Traders Eye Fed Chair Jerome Powell's Outlook

The broader market also appears to be in correction mode, reflecting a cautious sentiment amongst traders. Binance Coin (BNB) slipped to $989 (roughly Rs. 87,700), Solana (SOL) dropped to $217 (roughly Rs. 19,200), XRP trades at $2.87 (roughly Rs. 254), and Dogecoin (DOGE) trades at $0.241 (roughly Rs. 21). 

Pointing to the upcoming speech by XYZ that many traders are watching, Edul Patel, CEO of Mudrex, said, “Despite the short-term weakness, companies like Strategy and Metaplanet have accumulated over 6000 BTC, supporting BTC's price at the lower levels. […] The focus today would remain on Jerome Powell's speech discussing the economic outlook. A dovish outlook could trigger a relief rally towards $118,000(roughly Rs. 1.04 crore). On the downside, BTC could test the support at $110,000 (roughly Rs. 97.5 lakh).”

Avinash Shekhar, Co-Founder & CEO of Pi42, highlighted September's challenging tone, saying, “September is living up to its red month reputation, with traders bracing for up to two more weeks of corrective pressure. […] The market is experiencing a broader pullback, every major coin has slipped into the red. […] Still, critical levels at $112,000 (roughly Rs. 99.7 lakh) for Bitcoin and $4,000 (roughly Rs. 3.5 lakh) for Ethereum will dictate whether this is a shakeout or the start of a deeper retracement.”

“The top gainers for the day are OG with over a 19.72 percent rise, followed by Mantle with over 11.98 percent and Avalanche with close to a 10 percent rise. Besides, Pi leads the top losers with over a 21 percent drop, followed by World Liberty Financial with over a 12.32 percent plunge, and Pump.Fun by over 10 percent,” the CoinDCX research team told Gadgets 360 on Tuesday.

The CoinSwitch Markets Desk predicted the market tone and said, “A clean breakout above $117,000 (roughly Rs. 1.03 crore) might open the door for a run toward the previous highs near $124,000 (roughly Rs. 1.09 crore). Ethereum, meanwhile, took a heavier hit, dropping nearly 9 percent before stabilizing a bit in the $4,000–$4,200 (roughly Rs. 3.5 lakh-3.7 lakh) band. The sharper decline makes ETH's chart look more vulnerable to downside in the near term, with those same levels acting as key supports for now.”

At the moment, market sentiment remains cautious, and traders remain watchful. A breakout above $117,000 (roughly Rs. 1.03 crore) may set the path for a relief rally, while a slide below $110,000 (roughly Rs. 97 lakh) could extend the downside.