Bitcoin’s price fell below $116,000 and now stands at $115,800 (roughly Rs. 1.01 crore), consolidating in a narrow range as traders await the US Federal Reserve’s policy decision. Ethereum fell to $4,500 (roughly Rs. 3.9 lakh), while altcoins like Solana and Dogecoin suffered strong selling pressure. Consistent ETF inflows and whale activity support broader market sentiment, despite the market suffering through short-term volatility. On Indian exchanges, Bitcoin trades near Rs. 1 crore, while Ethereum is priced at Rs. 3.95 lakh.
Altcoins Retreat as Market Consolidates Ahead of Fed Decisions
Most altcoins reflected cautious sentiment on Tuesday, while traders eyed institutional inflows and whale accumulation for signs of the next leg higher. Dogecoin (DOGE) tumbled 4.7 percent to $0.268 (roughly Rs. 23). While Solana (SOL) dropped over 3 percent to $236 (roughly Rs. 20,600), Binance Coin (BNB) traded at $928 (roughly Rs. 81,000), and XRP slipped to $2.99 (roughly Rs. 260).
Highlighting market dynamics, Edul Patel, CEO of Mudrex, said, “Whales are driving broader market momentum, accumulating nearly 23,000 ETH in a single day. Ethereum ETFs have also seen $638 million (roughly Rs. 5,490 crore) in net inflows over the past week, indicating renewed institutional appetite […] For Bitcoin, a decisive close above $116,500 (roughly Rs. 1.00 crore) would signal a potential push toward new highs.”
“Bitcoin is oscillating between $114,500 (roughly Rs. 98.4 lakh) and $116,000 (roughly Rs. 99.8 lakh) as traders absorb renewed whale selling and short-term profit taking. Many traders now view the $113,000 (roughly Rs. 97.2 lakh) area as potentially the last discount of this cycle, explaining pockets of accumulation even as momentum softens. Ethereum has attracted roughly $638 million (roughly Rs. 5,490 crore) of ETF inflows but remains vulnerable to September profit taking […] The Fed is the single biggest catalyst. A dovish signal could accelerate inflows and lift Bitcoin toward $125,000-$130,000 (roughly Rs. 1.07-1.12 crore), while a hawkish surprise could deepen the retracement,” noted by Avinash Shekhar, Co-Founder & CEO of Pi42.
The CoinSwitch Markets Desk pointed to strong institutional flows, “Over the past six trading days, spot Bitcoin ETFs have recorded more than $2 billion (roughly Rs. 17,200 crore) in inflows. Meanwhile, MicroStrategy has expanded its holdings to over $73 billion (roughly Rs. 6,27,000 crore), adding 525 BTC in its latest purchase and bringing its total to 638,985 BTC. ETH pulled back to test support at nearly $4,500 (roughly Rs. 3.87 lakh) before finding stability. The price is now consolidating slightly above this level, with $4,600 (roughly Rs. 3.96 lakh) emerging as the threshold for upside momentum, while $4,500 (roughly Rs. 3.87 lakh) remains the key support to hold.”
As Bitcoin steadies near $115,800 (roughly Rs. 1.01 crore) and altcoins face selling pressure, traders await the US Fed’s policy decision. A breakout above $116,500 (roughly Rs. 1 crore) could result in Bitcoin testing $118,000 (roughly Rs. 1.01 crore) mark and have strong support at $113,000-$115,000 (roughly Rs. 97.2 lakh–Rs. 99.3 lakh), which will limit downside risks.
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.
