Crypto traders brace for volatility as global cues and liquidations weigh on Bitcoin’s movement.
Bitcoin and altcoins trade mixed as traders await cues from the Federal Reserve’s policy direction
Photo Credit: Unsplash/Jakub Żerdzicki
Bitcoin's price slipped below the $113,000 (roughly Rs. 99.7 lakh) mark on Wednesday as traders turned cautious ahead of the US Federal Reserve's policy decision on October 30 at 2:30pm ET (12am IST), amidst a wave of liquidations. After breaching the $116,000 (roughly Rs. 1.02 crore) mark earlier this week, the world's largest cryptocurrency witnesses selling pressure. At the time of writing, Bitcoin was trading at $112,800 (roughly Rs. 99.5 lakh), down 0.88 percent over the past 24 hours. Ethereum followed a similar pattern, falling 2 percent to $4,000 (roughly Rs. 3.5 lakh), as per CoinMarketCap. On major Indian exchanges, Bitcoin is priced around Rs. 99 lakh and Ethereum at Rs. 3.5 lakh, according to the Gadgets 360 price tracker.
A few altcoins saw a sharp rise in value, while a few tokens posted mild corrections. Binance Coin (BNB) was priced at $1,110 (roughly Rs. 97,900), XRP traded at $2.6 (roughly Rs. 230), Solana (SOL) hovered around $195 (roughly Rs. 17,150), and Dogecoin (DOGE) is at $0.19 (roughly Rs. 17).
Pi42 Co-Founder and CEO Avinash Shekhar noted that the current pullback could represent a tactical pivot for crypto traders. “The recent sharp correction in Bitcoin, as it gravitates toward the CME gap around the $112,000–$113,000 (roughly Rs. 98 lakh–Rs. 99.7 lakh) region, is signalling a pivotal inflection point for broader crypto markets. Yet paradoxically, we're seeing significant double-digit surges in specific altcoins, which suggests that market players are increasingly differentiating between the macro leader and high-momentum opportunities beneath the surface.”
According to Mudrex CEO Edul Patel, volatility is probably going to continue until monetary policy is clarified. “The market is likely to remain range-bound until there's clarity on the Fed's rate cut decision and the US-China trade deal [...] Meanwhile, optimism remains high as Spot ETFs for Solana, Litecoin, and Hedera begin trading following the SEC's approval, signalling growing institutional interest in the broader crypto market.”
The direction of the market as a whole depends on macroeconomic signals, as per the CoinSwitch Markets Desk. “Over $523 million (roughly Rs. 4,600 crore) of positions were liquidated in the past 24 hours. The tightening correlation between crypto and US equities was also flagged by Citi as volatility returned. On the charts, Bitcoin remains in a tight range, reinforcing a consolidation theme.”
The CoinDCX Research Team noted that Bitcoin's rejection from local highs reflects shifting trader sentiment amid renewed macro triggers and sector-wide developments. “The top gainers for the day are Pi with nearly a 15 percent rise, followed by Aerodrome Finance by over 10 percent and Official Trump by 8.9 percent. Besides, Ethena drops by 8 percent followed by Morpho and Humanity Protocol by over 5 percent each and tokens like Zcash, Mantle, Pump.fun, etc., and a few more by over 4 percent.”
The market seems to be balancing between caution and optimism. Market sentiment is supported by institutional activity and clear regulations, but traders are on edge as they see how global cues play out.
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