Bitcoin traded near $71,000 (roughly Rs. 66.7 lakh) on Wednesday as the cryptocurrency market remained range-bound amidst mixed macroeconomic signals. The world’s largest cryptocurrency has risen 0.94 percent in the past 24 hours. Analysts said the move reflects a recovery from recent lows but lacks strong breakout momentum. Ethereum traded near $2,100(roughly Rs. 2.03 lakh), indicating selective strength across the broader market. Bitcoin is currently priced around Rs. 64.5 lakh in India, while Ethereum trades near Rs. 1.97 lakh, as per today’s price tracker.
Market participants claim that recent ETF activity has become mixed, with $167 million (roughly Rs. 156.88 crore) inflows earlier in the week turning into outflows, suggesting uneven institutional demand. While a sustained move above $72,000 (roughly Rs. 67.64 lakh) is required to indicate stronger upside momentum, the $70,000 (roughly Rs. 65.76 lakh) level is still crucial for short-term stability.
Mixed ETF Flows and Macro Signals Keep Market in Check
Altcoins traded mixed on Wednesday. Binance Coin (BNB) was priced around $643.67 (roughly Rs. 60,466), up 2.24 percent, while Solana (SOL) traded near $92.31 (roughly Rs. 8,670), up 2.22 percent. XRP hovered around $1.41 (roughly Rs. 132), up 0.35 percent, and Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 9.03), up 2.99 percent.
Explaining the current market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Weakness in gold and selling in US Treasuries suggest investors are still avoiding risk, keeping Bitcoin in a narrow range. Ethereum, however, is showing signs of strength. Data shows that large ETH holders are back in profit for the first time since early February, which has often been followed by strong price moves.”
Sharing his market assessment, Vikram Subburaj, CEO of Giottus.com, said, “US producer inflation came in hot at 0.7 percent month-on-month and 3.4 percent year-on-year. This has kept the higher-for-longer rate narrative alive […] This is a market to accumulate gradually, not chase aggressively. Watch whether Bitcoin holds $70,000 (roughly Rs. 65.76 lakh). If not, the next important support zone is around $67,000 (roughly Rs. 62.94 lakh)-$68,000 (roughly Rs. 63.88 lakh).”
The next significant move in Bitcoin is anticipated to be driven by any change in sentiment, and its near-term direction is likely to depend on how macro conditions develop and whether sustained buying interest appears at current levels.
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