Bitcoin traded near Rs. 61.1 lakh on Wednesday as the cryptocurrency market showed signs of recovery around this level after buyers returned and briefly pushed Bitcoin towards Rs. 62 lakh. Ethereum (ETH) was trading near Rs. 1.8 lakh, while major altcoins showed mixed movement. According to market participants, improving institutional demand has supported the recovery, although weak spot and on-chain activity, elevated US Treasury yields and geopolitical risks continue to limit conviction. As per CoinGecko data, Bitcoin traded near $64,200 (roughly Rs. 61.4 lakh) and Ethereum (ETH) was trading near $1,910 (roughly Rs. 1.8 lakh).
The world’s largest cryptocurrency gained 0.4 percent over the last 24 hours, according to Gadgets 360’s price tracker. Analysts said Bitcoin’s recovery has been supported by stronger institutional demand, with US spot Bitcoin ETFs attracting $297.6 million (roughly Rs. 2,849 crore).
Major altcoins traded with mixed momentum on Wednesday.
Binance Coin (BNB) was priced around $601.41 (roughly Rs. 57,567), while Solana (SOL) traded near $76.86 (roughly Rs. 7,357). XRP hovered around $1.00 (roughly Rs. 96), and Dogecoin (DOGE) traded near $0.070 (roughly Rs. 6.7), indicating selective participation among large-cap cryptocurrencies.
Institutional Demand Returns Despite Weak Market Activity
Pointing to Bitcoin’s latest recovery and the factors behind the move, Prateek Gupta, Head of Business, Mudrex, said, “Bitcoin briefly moved above $65,000 (roughly Rs. 62.2 lakh) as President Trump’s comments on the Strait of Hormuz improved broader market sentiment. However, the recovery faces macro headwinds, with the 30-year US Treasury yield climbing to 5.34 percent, its highest since January 2007. CryptoQuant data suggests the rally may be a low-volume liquidity trap, driven more by short covering than fresh spot buying, with 637 BTC in short positions liquidated.”
Assessing the balance between improving ETF demand and subdued market activity, Vikram Subburaj, CEO, Giottus.com, said, “Bitcoin is up about 0.3 percent over 24 hours, as improving ETF demand is being offset by weak spot and on-chain activity. Bitcoin faces immediate resistance around $65,000-$66,000 (roughly Rs. 62.22 lakh-Rs. 63.17 lakh), while $63,000 (roughly Rs. 60.30 lakh) remains an important support zone […] Investors should avoid chasing short-term moves. Staggered entries and limited leverage may be preferable until stronger market participation confirms the recovery.”
Overall, analysts said Bitcoin’s recovery above $64,000 (roughly Rs. 61.26 lakh) has been supported by renewed buying and stronger institutional demand, although weak spot activity and elevated Treasury yields continue to create headwinds. Bitcoin’s ability to hold $64,000 (roughly Rs. 61.26 lakh) and break through $65,000-$66,500 (roughly Rs. 62.22 lakh-Rs. 63.65 lakh) will be important for confirming stronger upside momentum.
