Bitcoin traded near Rs. 60.9 lakh on Wednesday as the cryptocurrency market extended its recovery after easing geopolitical tensions and lower oil prices improved appetite for risk assets. Ethereum (ETH) was trading near Rs. 1.78 lakh, reflecting modest gains across the broader crypto market. According to market participants, falling oil prices, easing US Treasury yields, and improving global risk sentiment have strengthened Bitcoin’s position above the $64,000 (roughly Rs. 60.9 lakh) mark. As per CoinMarketCap data, Bitcoin traded near $64,000 (roughly Rs. 60.9 lakh), and Ethereum (ETH) traded near $1,800 (roughly Rs. 1.78 lakh).
The world’s largest cryptocurrency rose by 0.38 percent over the last 24 hours, according to Gadgets 360’s price tracker. Analysts, however, cautioned that weak spot-market participation and cautious derivatives positioning continue to prevent a stronger breakout, while investors remain focused on Friday’s US employment report for clues on the Federal Reserve’s next policy move.
Major altcoins traded mostly higher on Wednesday.
Binance Coin (BNB) was priced around $598.92 (roughly Rs. 57,017), while Solana (SOL) traded near $73.73 (roughly Rs. 7,019). XRP hovered around $1.06 (roughly Rs. 101), and Dogecoin (DOGE) was trading close to $0.07 (roughly Rs. 6.6), indicating selective buying across large-cap cryptocurrencies.
Easing Geopolitical Tensions Improve Risk Appetite
Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs recorded net inflows of $170.1 million (roughly Rs. 1,620 crore) on August 3. However, several consecutive days of inflows will be needed to confirm a sustained recovery in institutional demand […] Investors should avoid chasing the recovery. Staggered buying, limited leverage and disciplined position sizing remain prudent ahead of Friday’s US employment report.”
Commenting on the latest market trends, the CoinSwitch Markets Desk said, “Softer oil prices and falling Treasury yields supported gains in US equities, with the Nasdaq rising nearly 3 percent. Technically, holding above $64,000 (roughly Rs. 60.93 lakh) keeps the near-term trend constructive, with $64,400 (roughly Rs. 61.31 lakh) as the next resistance, while $63,600 (roughly Rs. 60.55 lakh) remains the key support on the downside.”
Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Progress towards reopening the Strait of Hormuz has pulled oil prices down nearly 5 percent, easing inflation worries and bringing the market’s expectation of a September Federal Reserve rate hike down to 57-59 percent from almost 67 percent. At the same time, Bitcoin futures open interest has fallen from 776,000 BTC on July 3 to around 740,000 BTC, indicating lower leverage. A similar market setup in April led to $762 million (roughly Rs. 7,255 crore) in mostly short liquidations, increasing the possibility of another short squeeze.”
Overall, analysts said easing geopolitical tensions, lower oil prices, and improving risk appetite have helped Bitcoin remain above $64,000. However, subdued spot-market activity, cautious derivatives positioning, and the upcoming US employment report are expected to determine whether the cryptocurrency can break above the $64,500-$66,000 (roughly Rs. 61.40 lakh-Rs. 62.83 lakh) resistance range and sustain its recovery.
