Bitcoin Slumps to $108,000 as Traders Await US CPI Data

Bitcoin's price eased to around $108,000 (roughly Rs. 94.8 lakh) on Wednesday, after failing to sustain gains near $114,000 (roughly Rs. 99.89 lakh) earlier in the week. Ethereum followed a similar pattern, hovering around $3,866.86 (roughly Rs. 3.39 lakh). Traders remained cautious ahead of the US Consumer Price Index (CPI) reading, which market participants hope will clarify the timing of Federal Reserve rate cuts. As per the Gadgets 360 price tracker, Bitcoin trades near Rs. 94.7 lakh, while Ethereum hovered around Rs. 3.3 lakh on Indian exchanges.

Altcoins Hold Steady as Bitcoin Pulls Back Ahead of Inflation Data

Most altcoins traded inside narrow ranges as the broader market digested Bitcoin's pullback. Binance Coin (BNB) is trading near $1,071.40 (roughly Rs. 93,910), XRP was near $2.40 (roughly Rs. 210), Solana (SOL) traded around $184.91 (roughly Rs. 16,210), and Dogecoin (DOGE) was at $0.1919 (roughly Rs. 16.80). 

According to the CoinSwitch Markets Desk, Bitcoin retreated after testing higher levels. “Crypto spot trading volumes climbed to $240 million (roughly Rs. 2,10,330 crore) over the past 24 hours, while Bitcoin ETFs saw $266 million (roughly Rs. 2,32,100 crore) in inflows and Ethereum ETFs added $99 million (roughly Rs. 86,760 crore), suggesting increasing exposure into Bitcoin and Ethereum after a brief pause,” the desk said.

Mudrex CEO Edul Patel noted that Bitcoin's attempt to break past resistance was met with selling pressure. “Geopolitical uncertainty and the lack of macroeconomic cues are contributing to the weakness in the market. However, the upcoming CPI data could be a key catalyst. If the reading comes in softer than expected, it could boost hopes for rate cuts, building momentum for risk assets like crypto,” Patel said.

Bitcoin's rally attempt was capped at $114,000, according to the CoinDCX Research Team. “The overall market dynamics remain bearish, hinting towards an extended bearish action. Meanwhile, the other altcoins within the top 10 remain within the consolidated range [...] Memecore leads the top gainers for the day with over an 8.31 percent jump, followed by DoubleZero with over 5.5 percent and MYX Finance and Ethena with over a 2 percent jump each. Besides, Mantle drops by over 9.54 percent, followed by Aster, Artificial SuperIntelligence Alliance, and Bittensor by over 2 percent each,” the team said.

Patel suggested that the awaited CPI data could act as an immediate catalyst. The crypto market may revive expectations of Fed easing and restore interest in risky cryptocurrency projects if inflation prints lower than anticipated.