Bitcoin traded near $70,800 (roughly Rs. 66 lakh) on Thursday as the cryptocurrency market remained under pressure amid macroeconomic uncertainty. The world’s largest cryptocurrency reflected a decline of over 4.34 percent in the past 24 hours. Analysts said the move signals consolidation rather than a breakdown after rejection near higher levels. Ethereum traded near $2,200 (roughly Rs. 2 lakh), indicating continued caution across the broader market. Bitcoin is currently priced around Rs. 66 lakh in India, while Ethereum trades near Rs. 2 lakh, as per today’s price tracker.
According to market participants, Bitcoin is currently trading in a narrow range between $70,000 (roughly Rs. 65.3 lakh) and $74,000 (roughly Rs. 69 lakh) as investors weigh macroeconomic pressures, mixed technical signals, and changing institutional flows. Analysts noted that the recent rejection near the $74,000 (roughly Rs. 69 lakh) level confirms it as a key resistance level, while the $70,000 (roughly Rs. 65 lakh) zone is emerging as an important support level where buyers may step in.
ETF Flows And Macro Signals Keep Markets In Consolidation Mode
Altcoins traded mixed on Thursday. Binance Coin (BNB) was priced around $649.31 (roughly Rs. 60,581), down 3.30 percent, while Solana (SOL) traded near $89.93 (roughly Rs. 8,388), down 4.44 percent. XRP hovered around $1.46 (roughly Rs. 136), down 4.24 percent, and Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.77), down 6.02 percent.
Explaining the current market setup, Nischal Shetty, Founder of WazirX, said, “In the past 24 hours, Bitcoin declined 4.3 percent […] with short-term indicators showing sell signals […] Bitcoin ETFs recorded $767 million (roughly Rs. 7,156 crore) in weekly inflows, extending a three-week streak, while Ethereum ETFs added $160 million (roughly Rs. 1,493 crore). Total BTC ETF assets now stand near $92 billion (roughly Rs. 8,58,360 crore), signalling sustained confidence despite short-term market cooling.”
Sharing his market assessment, Vikram Subburaj, CEO of Giottus.com, said, “Crypto markets are currently trading in a cautious range as macroeconomic signals outweigh crypto-specific drivers […] Bitcoin dominance remains elevated, indicating that capital is still concentrated in BTC rather than rotating into altcoins […] With Bitcoin trading near $71,000 (roughly Rs. 66.24 lakh), investors should stay disciplined and avoid reacting to short-term volatility. It is better to wait for a clear breakout above resistance before increasing exposure. Focus on risk management and avoid overtrading in a macro-driven market.”
Weighing in on broader market conditions, CoinSwitch Markets Desk said, “BTC saw a rejection around the $74,000 (roughly Rs. 69.04 lakh) zone, confirming it as a resistance for now. The broader market is under pressure as rising oil prices and macro uncertainty continue to weigh on risk assets. Despite the Fed holding rates steady, cautious commentary has kept sentiment fragile.”
Overall, analysts said crypto markets remain in a consolidation phase as investors track macro cues, institutional flows, and key technical levels. Bitcoin’s ability to hold above the $70,000 (roughly Rs. 65.31 lakh) support zone and attempt a move toward the $72,000 (roughly Rs. 67.18 lakh) level will remain central to near-term 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.
