Bitcoin Trades Sideways as Crypto Traders Remain Cautious, Await Fresh Cues

Crypto markets remained in a phase of consolidation on Wednesday as investors digested the aftermath of liquidations and prepared for fresh signals from macroeconomic data. Bitcoin was trading at $112,000 (roughly Rs. 99.3 lakh), while Ethereum hovered at $4,100 (roughly Rs. 3.6 lakh). The US Federal Reserve's recent commentary hinted at further policy shifts, and traders remain watchful for Federal Reserve Chair Jerome Powell's next remarks and economic releases later this week and the market sentiment remains cautious. The price tracker on Gadgets 360 shows Bitcoin trading at Rs. 98 lakh, while Ethereum stands at Rs. 3.6 lakh. 

Altcoins Show Mixed Moves Amidst Consolidation

Mirroring Bitcoin's sideways movement, the broader market showed limited conviction on either side. Solana (SOL) weakened to $208 (roughly Rs. 18,400), while XRP managed to hold steady at $2.84 (roughly Rs. 252). Binance Coin (BNB) climbed to $1,010 (roughly Rs. 84,000), recording a modest gain over the past day. Dogecoin (DOGE) hovered at $0.237 (roughly Rs. 23). 

“Bitcoin is currently trading around $112,000 (roughly Rs. 99.3 lakh) with around $1.65 billion (roughly Rs. 14,641 crore) in recent liquidations, revealing bullish overexposure and forcing traders to reassess positions. Ethereum may show signs of resilience after climbing on optimism linked to the AI settlement, although futures positioning still points to caution. […] The market is closely watching whether Ethereum can rebound meaningfully and whether Bitcoin can stabilize within this range,” said Avinash Shekhar, Co-Founder & CEO of Pi42, as the market has entered a clear consolidation phase. 

Emphasising Bitcoin's immediate trading levels, Mudrex CEO Edul Patel said, “Bitcoin is trading range-bound between $112,000 (roughly Rs. 99.3 lakh) and $113,000 (roughly Rs. 1 crore) as the market looks for hints on further rate cuts. While Powell's speech was slightly hawkish, the core PCE data on Friday could decide the market sentiment going ahead. […] At the same time, ‘buy the dip' mentions on social media spiked recently, suggesting that fresh liquidity could enter the market.”

The CoinSwitch Markets Desk observed the macro front and said, “The Fed Chair's comments yesterday signaled a clear tilt toward prioritising labour market stability over aggressive inflation control. Markets have responded by pricing in more rate cuts for this year. That dovish shift could prove supportive for risk assets like Bitcoin, particularly if upcoming U.S. data continues to show signs of weakness.”

For now, traders remain focused on Powell's next comments and Friday's inflation data for further cues. A breakout above $117,000 (roughly Rs. 1.03 crore) could fuel upside momentum, while a slide below $110,000 (roughly Rs. 97 lakh) risks extending the downside further.