Bitcoin traded near Rs. 60.7 lakh on Friday. The cryptocurrency market stayed range-bound despite easing US inflation, with weak institutional participation and subdued trading activity limiting further gains. The world’s largest cryptocurrency witnessed a 1.19 percent change over the last 24 hours. Ethereum (ETH) was trading near Rs. 1.8 lakh, reflecting selective strength across the broader crypto market. Analysts said Bitcoin’s ability to hold above the $63,000 (roughly Rs. 60 lakh) support level and reclaim $65,000 (roughly Rs. 62 lakh) will remain crucial as markets navigate macroeconomic uncertainty and cautious institutional participation.
Major Altcoins Show Mixed Momentum Today
As per the latest data available on Gadgets 360 Price Tracker, Bitcoin traded for Rs. 60,78,016. According to CoinMarketCap data, Bitcoin is currently priced at $63,800 (roughly Rs. 60.8 lakh), while Ethereum trades near $1,900 (roughly Rs. 1.9 lakh).
Binance Coin (BNB) was priced around $591.66 (roughly Rs. 56,465), while Solana (SOL) traded near $73.89 (roughly Rs. 7,051). XRP hovered around $1.07 (roughly Rs. 102), and Dogecoin (DOGE) traded near $0.070 (roughly Rs. 6.7), indicating selective buying among large-cap cryptocurrencies.
Bitcoin Struggles to Break Above Key Resistance Despite Softer Inflation
Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Market sentiment improved after US PCE inflation slowed to 3.7 percent, marking its first monthly decline since 2020. Even so, institutional participation remains muted. Spot Bitcoin ETFs are set to record their weakest monthly inflows on record, with just $205 million (roughly Rs. 1,956 crore) added in July, while spot trading volumes across major exchanges are down as much as 85 percent from a year ago.”
Commenting on broader market sentiment, Avinash Shekhar, Co-Founder and CEO, Pi42, said, “Despite near-term volatility, Bitcoin continues to find support from steady institutional interest, growing futures activity, and sustained participation across the broader digital asset ecosystem. […] Overall, the market remains in a consolidation phase where conviction is likely to emerge only after key technical levels are tested.”
Overall, analysts said easing US inflation has improved sentiment across the crypto market, but weak ETF inflows and subdued institutional participation continue to limit stronger upside. Bitcoin’s ability to close above $65,000 (roughly Rs. 62.02 lakh), sustain support near $63,000 (roughly Rs. 60.11 lakh), and attract stronger institutional demand will likely determine the market’s next direction.
