Bitcoin holds above key support as traders rotate cautiously into altcoins amidst early signs of improving sentiment.
Bitcoin steadies near support as altcoins display mixed movement across the market
Photo Credit: Unsplash/Kanchanara
Bitcoin's price hovered near $86,900 (roughly Rs. 77.5 lakh) on Monday as the broader crypto market attempted to stabilise after several weeks of selling pressure. The recovery comes after Bitcoin slipped to around $81,000 (roughly Rs. 72.2 lakh) last week, before rebounding alongside renewed interest in select altcoins. Ethereum (ETH) traded around $2,800 (roughly Rs. 2.53 lakh). According to the Gadgets 360 price tracker, Bitcoin is priced around Rs. 77.5 lakh in India, while Ethereum trades near Rs. 2.53 lakh. A nearly 30 percent correction from the October peak has reset market expectations, although traders remain cautious as macroeconomic conditions and institutional flows continue to shape sentiment.
Altcoins displayed mixed movement on Monday, with pockets of outperformance emerging despite broader market uncertainty. Solana (SOL) rose 1.37 percent to $131 (roughly Rs. 11,690), XRP climbed 1.4 percent to $2.06 (roughly Rs. 183.7), and Binance Coin (BNB) edged up 1.12 percent to $852 (roughly Rs. 76,080). Dogecoin (DOGE) increased 2.42 percent to $0.14 (roughly Rs. 13.06).
Pi42 CEO Avinash Shekhar said the latest rebound reflects improving sentiment after last week's steep correction. “This rally remains contingent on Bitcoin's ability to hold support and rebuild dominance. For traders, the current environment suggests a careful rotation: while alt-coins can run furthest, Bitcoin's trend remains the underlying tide.”
Bitcoin is attempting to reclaim higher levels as traders add exposure, according to Mudrex CEO Edul Patel. Derivatives data indicate that top traders are gradually increasing their long exposure. Futures funding rates have risen from four percent to six percent, indicating early signs of stabilisation. Additionally, Bitcoin spot ETFs recording positive net inflows of over $238 million (roughly Rs. 2,124 crore) have also contributed to the momentum.”
Vikram Subburaj, CEO of crypto exchange Giottus added that Bitcoin's recovery is occurring in the midst of substantial profit-booking. “The on-chain data implies that BTC remains in a profit-realisation phase rather than a deep bear market [...] The US Fed enters December's FOMC meeting with limited labour data and sharply reduced odds of a rate cut (approximately 33 percent), reinforcing tight liquidity [...] For investors, the combination of oversold momentum, reduced leverage, and sizeable stablecoin ‘dry powder' argues for calm, rules-based accumulation around key support zones rather than panic exits or high-leverage bets.”
Even though market sentiment remains cautious, it has notably improved from last week's lows. Sustained ETF inflows, stabilising derivatives metrics and easing volatility could help Bitcoin attempt a move toward $90,000 and $96,000 (roughly Rs. 80 lakh–Rs. 85.6 lakh) in the coming sessions, while failure to hold key support may reopen downside risk toward the $80,000 (roughly Rs. 71.3 lakh) zone.
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