Bitcoin traded near Rs. 60.9 lakh on Tuesday as the cryptocurrency market came under pressure ahead of the US inflation report, with weaker demand and some profit-taking limiting the recovery towards $65,000 (roughly Rs. 62 lakh). Ethereum (ETH) was trading near Rs. 1.78 lakh, reflecting broader weakness across major cryptocurrencies. According to market participants, BTC has slipped from recent highs as investors remain cautious ahead of fresh US inflation data and assess whether spot demand can support a sustained recovery. As per CoinMarketCap data, Bitcoin traded near $64,000 (roughly Rs. 61 lakh), and Ethereum (ETH) was trading near $1,870 (roughly Rs. 1.8 lakh).
The world’s largest cryptocurrency declined 1.92 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said the reversal in US spot Bitcoin ETF flows and rising oil prices, along with caution ahead of the US inflation report, have weighed on sentiment.
Major altcoins traded mostly lower on Tuesday.
Binance Coin (BNB) was priced around $599.44 (roughly Rs. 57,187), while Solana (SOL) traded near $75.87 (roughly Rs. 7,238). XRP hovered around $1.00 (roughly Rs. 95), and Dogecoin (DOGE) was trading close to $0.070 (roughly Rs. 6.7), indicating cautious sentiment across large-cap cryptocurrencies.
Bitcoin Pulls Back as Investors Await US Inflation Data
Pointing to the impact of higher oil prices and fresh selling pressure, Prateek Gupta, Head of Business, Mudrex, said, “Crude climbed 5 percent to $81.80 (roughly Rs. 7,800) a barrel as expectations for the Strait of Hormuz reopening faded […] Adding to the pressure, Strategy sold 1,690 BTC worth $108.6 million (roughly Rs. 1,036 crore). With key inflation data due later this week, Bitcoin is likely to trade within the $63,000-$65,000 (roughly Rs. 60.10 lakh-Rs. 61.06 lakh) range until markets get clearer direction.”
Discussing the reversal in institutional flows and the mixed signals from on-chain activity, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs attracted $865.3 million (roughly Rs. 8,254 crore) over five sessions through August 7, but recorded a provisional $91-million (roughly Rs. 868 crore) outflow on August 10 […] Investors should avoid chasing short intraday recoveries before the inflation data. Those building long-term positions can stagger purchases and keep leverage low.”
Assessing Bitcoin’s repeated attempts to break higher, the CoinSwitch Markets Desk said, “BTC has now managed to close above $65,000 (roughly Rs. 61.99 lakh) for four straight sessions, but the repeated selling around this level shows that buyers have yet to establish enough momentum for a sustained move higher. The softer July US jobs report continues to provide some support to sentiment by reducing expectations of a September Fed rate hike […] That leaves Bitcoin trading without a strong new catalyst, while Ethereum is also moving sideways around $1,913 (roughly Rs. 1.83 lakh).”
Overall, analysts said Bitcoin remains under pressure as weaker demand, rising oil prices and caution ahead of the US inflation report limit its ability to reclaim $65,000 (roughly Rs. 62.01 lakh). However, continued institutional inflows and accumulation by larger holders are providing support. At the same time, the upcoming inflation data could determine whether Bitcoin moves towards $66,300 (roughly Rs. 63.25 lakh) or falls back towards the $63,000 (roughly Rs. 60.10 lakh) support zone.
