Bitcoin traded near $65,700 (roughly Rs. 62.1 lakh) on Wednesday, as the cryptocurrency market remained cautious ahead of the US Federal Reserve’s policy announcement and its outlook on future rate cuts. The world’s largest cryptocurrency witnessed a decline of 1.15 percent in the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,800 (roughly Rs. 1.69 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 61.8 lakh. On the other hand, Ethereum trades near Rs. 1.68 lakh in India, as per today’s Gadgets 360 price tracker.
Analysts noted that while interest rates are widely expected to remain unchanged, commentary from policymakers could influence liquidity conditions and risk appetite across global markets. The Bank of Japan’s recent 75-basis-point rate hike has further increased the importance of the Fed’s guidance for investors.
Across the broader crypto market, large-cap altcoins largely mirrored Bitcoin’s movement as traders avoided aggressive positioning ahead of the central bank announcement. Binance Coin (BNB) was priced around $606.73 (roughly Rs. 57,300), while Solana (SOL) traded near $73.67 (roughly Rs. 6,956). XRP hovered around $1.21 (roughly Rs. 114), and Dogecoin (DOGE) was trading close to $0.087 (roughly Rs. 8.2), indicating that investors remain selective despite improving market sentiment over the past week.
Bitcoin Consolidates As Traders Await Monetary Policy Clarity
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin’s Sharpe ratio has fallen to -20, a level that has historically coincided with major market bottoms since 2015. If the Fed signals a softer policy outlook, Bitcoin could gain enough momentum to break above $68,000 (roughly Rs. 64.2 lakh). A hawkish message, however, may increase downside pressure toward the $60,000 (roughly Rs. 56.7 lakh) zone.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Any signal that rates could stay higher for longer may put pressure on risk assets, including cryptocurrencies. Bitcoin balances on exchanges are hovering near multi-year lows of around 2.7 million BTC. This suggests that the amount of Bitcoin available for immediate selling remains limited. […] Investors may consider staggered allocations instead of aggressive entries and watch for a sustained move above $68,000 (roughly Rs. 64.2 lakh) alongside improving ETF inflows before increasing exposure.”
Commenting on current market sentiment, the CoinSwitch Markets Desk said, “Softer oil prices improve the macro backdrop, but the Fed meeting today remains crucial. Markets are expecting no rate change, but the Fed’s messaging could move overall markets. For now, the market needs fresh strength, while themes like tokenized stocks and Hyperliquid continue to attract attention.”
Overall, Bitcoin’s ability to hold above the $64,000-$65,000 (roughly Rs. 60.4 lakh–Rs. 61.4 lakh) support range and reclaim the $66,900-$68,000 (roughly Rs. 63.2 lakh–Rs. 64.2 lakh) resistance zone will remain crucial for determining near-term market direction.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
