Bitcoin Slips Below $114,000 as Traders Remain Cautious Amidst Market Uncertainty

Bitcoin's price fell below the $114,000 (roughly Rs. 1 crore) mark on Tuesday, as traders remained cautious ahead of the US Federal Reserve's imminent policy decision. After briefly testing levels above $115,000 (roughly Rs. 1.01 crore) on Monday, the world's largest cryptocurrency saw mild profit booking, reflecting a broader cooldown across global risk assets. At the time of writing, Bitcoin was trading at $113,800 (roughly Rs. 1 crore), down by about 1.37 percent in the last 24 hours, as per CoinMarketCap. Ethereum followed a similar trajectory, declining 3.41 percent, and was priced at $4,100 (roughly Rs. 3.6 lakh). Bitcoin is priced around Rs. 1 crore, and Ethereum around Rs. 3.6 lakh on major Indian exchanges, as per the Gadgets 360 price tracker. 

Altcoins Witness Mild Corrections Amidst Market Uncertainty

Most major altcoins reflected a mixed performance as traders stayed on the sidelines. Binance Coin (BNB) was priced at $1,138 (roughly Rs. 1 lakh), XRP traded at $2.62 (roughly Rs. 231), Solana (SOL) hovered around $200.32 (roughly Rs. 17,670), and Dogecoin (DOGE) fell 4.17 percent to $0.1997 (roughly Rs. 17.63).

The CoinSwitch Markets Desk said broader market direction continues to hinge on macroeconomic factors. “Progress in US-China trade talks and rising expectations of a Fed rate cut scheduled for tomorrow, which could lower borrowing costs and boost liquidity across the crypto market. [...] Ethereum climbed above $4,200, its highest level in two weeks, while ETH ETFs recorded inflow after three consecutive days of outflow.”

Bitcoin's range-bound behaviour reflects cautious positioning ahead of key economic events, according to Mudrex CEO Edul Patel. “The overall market sentiment is improving with the Fear-Greed index back to ‘Neutral'. Institutions are also showing signs of a comeback [...] Public companies like Strategy have also resumed accumulating crypto, adding BTC worth $43.4 million (roughly Rs. 382.7 crore),” he said.

Avinash Shekhar, Co-Founder and CEO of Pi42, said that the market is entering a key turning point shaped by global developments. “We're entering a transformative juncture in the crypto markets. [...] Investors should recognise that while the structural foundation for crypto remains strong, the timing and pace of the next rally will depend on how these developments unfold.”

Market observers at Pi42 believe that a favourable environment for the crypto market is still provided by institutional accumulation and hope for clarity in policy. The next leg of the rally may depend on the Federal Reserve's decision and global macro cues. Investors will look to balance long-term conviction with near-term caution.