Bitcoin extends its bullish rally on Friday, climbing to a three-week high of $115,500 (roughly Rs. 1.01 crore), while Ethereum gained nearly 3 percent to reach $4,500 (roughly Rs. 4 lakh), as per CoinMarketCap data. CPI rose at 2.9 percent in August, and US inflation data that matched expectations were key factors that led to the rise in the market. Traders feel optimistic as they factor in a possible 25bps Federal Reserve Cut next week, along with consistent inflows into Bitcoin ETFs and softer PPI readings, which are also key components that are resulting in investor confidence. On Indian exchanges, Bitcoin trades close to Rs. 1.01 crore, while Ethereum stands at Rs. 4 lakh.
Altcoins Also Gain Momentum as Traders Eye Softer Inflation and ETF Inflows
The positive sentiment saw prices of altcoins like Solana (SOL) climb to $239 (roughly Rs. 21,100), up by more than 7 percent in the last 24 hours. Dogecoin (DOGE) rose 5.4 percent at $0.26 (roughly Rs. 23), XRP holds steady at $3.06 (roughly Rs. 270), and Binance Coin (BNB) at $909 (roughly Rs. 80,200). Most altcoins remain range-bound as traders eye macroeconomic cues and ETF activity for direction.
Highlighting the impact of macro data and institutional flows, Edul Patel, CEO of Mudrex, said,
“Bitcoin is trading strongly at a 3-week high of $115,500 (roughly Rs. 1.01 crore) after CPI data came in line with expectations at 2.9 percent. With a steady inflation metric and softer PPI figures, the market has factored in a 25bps rate cut next week. Moreover, the $741 million inflows into Bitcoin ETFs have also added to the upward pressure.”
Avinash Shekhar, Co-Founder & CEO of Pi42, noted that the surge reflects Bitcoin’s appeal in uncertain macro conditions, “Bitcoin’s rise to a two-week high near $115,000 (roughly Rs. 1.01 crore) ahead of the US CPI data reflects growing investor anticipation around macroeconomic signals […] While the rally underscores Bitcoin’s role as a potential hedge in uncertain times, it’s important to remember that such moves are often accompanied by heightened volatility around key data releases. The next 24–48 hours will be crucial.”
The CoinSwitch Markets Desk pointed out that Bitcoin briefly touched higher resistance before sellers capped gains, “The rally highlights renewed bullish sentiment, but the rejection above $116,000 shows that sellers remain active at this key resistance level […] Bitcoin ETFs have recorded $928 million (roughly Rs. 7,970 crore) in inflows. US equities also gained on the possibility of a rate cut, with the S&P 500 rising 0.8 percent.”
With Bitcoin holding above $115,500 (Rs. 1.01 crore) and altcoins gaining traction, the sentiment across crypto markets is bullish. A successful breakout above $116,000 (roughly Rs. 1.02 crore) could set the stage for a test of $118,000 (roughly Rs. 1.04 crore), while strong support sits at $113,700 (roughly Rs. 1 crore). Traders are closely monitoring upcoming Fed decisions, which may dictate whether the ongoing rally extends into next week.
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