Bitcoin traded near $69,200 (roughly Rs. 63.9 lakh) on Thursday as the cryptocurrency market remained sideways amidst global macroeconomic uncertainty and geopolitical tensions. Analysts said investor sentiment remains cautious amidst rising oil prices and shifting monetary expectations. Ethereum (ETH) was trading near $2,020 (roughly Rs. 1.86 lakh), reflecting mixed momentum across the broader digital asset market. Bitcoin is currently priced around Rs. 63.9 lakh in India, while Ethereum trades near Rs. 1.86 lakh, as per today’s Gadgets 360 price tracker.
Oil Price Surge and Macro Signals Shape Crypto Market Sentiment
The world’s most widely used crypto asset has been trading within a narrow range as traders monitor resistance and support levels and await fresh macroeconomic signals. Analysts told Gadgets 360 on Thursday that Bitcoin continues to face strong resistance near the $75,000 mark (roughly Rs. 69.2 lakh), which has capped rallies for over a month. Despite growing accumulation among large holders, the market remains cautious as geopolitical tensions and energy market volatility continue to influence investor behaviour.
Macro Developments Keep Crypto Markets Range-Bound
Altcoins broadly tracked Bitcoin’s movement on Thursday. Binance Coin (BNB) was priced around $643.46 (roughly Rs. 59,390), while Solana (SOL) traded near $85.00 (roughly Rs. 7,800). XRP hovered around $1.36 (roughly Rs. 126), and Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.49), indicating stable liquidity conditions across the crypto market.
Sharing his view on macroeconomic developments affecting crypto markets, Nischal Shetty, Founder of WazirX, said, “Energy supply, inflation data, and stablecoin regulation drove the last 24 hours, with Bitcoin holding $69,000 (roughly Rs. 63.69 lakh) and the FDIC drawing clear limits on stablecoin protections […] Global inflation speculations resulting from the ongoing US-Iran War has further fuelled commodity price increase rumours and revised monetary policies in many countries.”
Providing insights into derivatives positioning and market sentiment, the CoinSwitch Markets Desk said, “Rising tensions around potential oil supply disruptions pushed crude prices up 6 percent in just 90 minutes to about $94 (roughly Rs. 8,676), triggering a risk-off reaction across markets […] For now, BTC is moving sideways around $69,000–$70,000 (roughly Rs. 63.6 lakh–Rs. 64.6 lakh).
Highlighting the near-term technical outlook, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Traders remain careful, as options data suggests only a 17 percent chance of a near-term breakout above $75,000 (roughly Rs. 69.2 lakh). Despite steady inflows into Bitcoin ETFs, prices are still moving within a narrow range as the market waits for a stronger trigger.”
Overall, analysts said crypto markets remain in a consolidation phase as investors track macroeconomic signals and geopolitical developments. Bitcoin’s ability to hold above the $68,000 (roughly Rs. 62.76 lakh) support zone while attempting to move toward the $72,500 (roughly Rs. 66.92 lakh) level will remain central to near-term direction. Continued ETF inflows and whale accumulation suggest underlying demand, though global economic uncertainty could keep volatility elevated in the coming sessions.
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.
