Bitcoin traded near $73,500 (roughly Rs. 70.2 lakh) on Friday, as the cryptocurrency market remained subdued amidst weak buying momentum and continued macroeconomic uncertainty. The world’s largest cryptocurrency was priced around $73,500 (roughly Rs. 70.2 lakh), based on today’s market data. Ethereum (ETH) was trading near $2,000 (roughly Rs. 1.92 lakh), reflecting mixed movement across the broader crypto market. Bitcoin is currently priced around Rs. 70 lakh in India, while Ethereum trades near Rs. 1.92 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that while institutional demand remains supportive through ETF inflows, macroeconomic concerns and persistent whale selling have limited stronger upside momentum.
Bitcoin Remains Under Pressure Due to Whale Selling, Macro Uncertainty
Major altcoins traded mixed on Friday, with selective gains emerging despite the broader market’s cautious tone. Binance Coin (BNB) was priced around $637.07 (roughly Rs. 60,770), while Solana (SOL) traded near $82.01 (roughly Rs. 7,820). XRP hovered around $1.31 (roughly Rs. 125), and Dogecoin (DOGE) traded near $0.09 (roughly Rs. 9.5), indicating limited participation outside large-cap assets.
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin is trading around $73,500 (roughly Rs. 70.2 lakh) as the market continues to lack strong buying momentum. Selling pressure remains elevated, with whale outflows reaching 648,000 BTC, the highest level seen since February […] Historically, sharp increases in ‘buy the dip’ sentiment can indicate that markets have not fully stabilised.”
Providing a broader assessment of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The market is moving sideways as investors balance strong institutional demand with uncertainty around the broader economy […] Investors should avoid chasing short-term rallies until Bitcoin establishes a sustained move above $75,000 (roughly Rs. 71.5 lakh). Focus on fundamentally strong assets, build positions gradually, and keep risk management at the forefront while markets remain driven by ETF flows and upcoming US economic data.”
Sharing a technical perspective on current price action, Riya Sehgal, Research Analyst, Delta Exchange, said, “Crypto markets are still trading with a cautious tone on May 29, with Bitcoin near $73,300 (roughly Rs. 69.9 lakh) and Ethereum around $2,005 (roughly Rs. 1.91 lakh). The pressure is mainly coming from weak risk sentiment after the latest US-Iran escalation, higher crude oil prices, continued ETF outflows, and heavy positioning in derivatives.”
Overall, analysts said the crypto market remains trapped in a cautious consolidation phase as investors weigh institutional demand against macroeconomic uncertainty and geopolitical risks. Bitcoin’s ability to defend the $72,250-$73,000 (roughly Rs. 68.9 lakh–Rs. 69.6 lakh) support zone and reclaim the $75,000 (roughly Rs. 71.5 lakh) resistance level will remain key to 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.
