Bitcoin traded near $71,700 (roughly Rs. 66.4 lakh) on Wednesday as the cryptocurrency market rallied following easing geopolitical tensions and improving investor sentiment. The world’s largest cryptocurrency rose 4.3 percent in the past 24 hours after briefly crossing higher levels during the rally. Ethereum traded near $2,240 (roughly Rs. 2.07 lakh), showing stronger gains across the broader market. Bitcoin is currently priced around Rs. 66.3 lakh in India, while Ethereum trades near Rs. 2.07 lakh, as per today’s price tracker.
As per market participants, the recent rally was supported by easing inflation concerns following a decline in oil prices, alongside strong ETF inflows and short liquidations. However, resistance near key levels and inconsistent institutional participation indicate that the market remains in a consolidation phase rather than a confirmed uptrend.
Ceasefire Developments Spark Renewed Risk Appetite
Altcoins traded largely higher on Wednesday. Binance Coin (BNB) was priced around $616.04 (roughly Rs. 57,074), up 3.01 percent, while Solana (SOL) traded near $84.64 (roughly Rs. 7,843), up 6.20 percent. XRP hovered around $1.38 (roughly Rs. 128), up 5.43 percent, and Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.78), up 4.86 percent.
Explaining the current market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin reclaimed the $72,500 (roughly Rs. 67.1 lakh) as investor optimism rose after US President Donald Trump announced a 2-week ceasefire between the US and Iran. The de-escalation led to a sharp relief rally across risk assets as markets priced in lower oil prices and restored global risk-on sentiment […] BTC’s long-term uptrend will depend on further geopolitical clarity and macroeconomic figures such as the US CPI data.”
Sharing his market assessment, Vikram Subburaj, CEO of Giottus.com, said, “Markets had earlier priced a 40-45 percent probability of tighter policy or delayed rate cuts due to elevated crude prices. The easing of that pressure has supported risk assets, including crypt […] Investors should avoid chasing short-term moves. A sustained breakout requires Bitcoin to hold above $72,000 (roughly Rs. 66.70 lakh) with consistent ETF inflows. The next key trigger is the US CPI data on April 10. A weaker print could support further upside.”
Overall, analysts said the recent rally reflects improving sentiment driven by easing geopolitical tensions and institutional inflows, but the market still requires stronger confirmation for a sustained breakout. Bitcoin’s ability to hold above key resistance levels and maintain consistent inflows will remain crucial in determining the next phase of price action.
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