Bitcoin traded near Rs. 74.1 lakh on Tuesday as the cryptocurrency market remained under pressure, with shifting US rate expectations continuing to influence risk appetite. Ethereum (ETH) was trading near Rs. 2.3 lakh, while major altcoins showed mixed momentum. According to market participants, Bitcoin’s recovery faces an important test as Treasury yields and renewed inflation concerns weigh on sentiment, though the market has shown resilience despite softer retail demand. According to CoinGecko data, Bitcoin traded near $78,500 (roughly Rs. 74.3 lakh), and Ethereum was trading near $2,470 (roughly Rs. 2.3 lakh).
The world’s largest cryptocurrency fell 1 percent in the last 24 hours, according to the Gadgets 360 price tracker. Middle East tensions and higher oil prices are keeping inflation concerns in focus ahead of the FOMC. Despite softer retail demand signals, Bitcoin has remained relatively resilient.
Major altcoins traded with mixed momentum on Tuesday
Binance Coin (BNB) was priced around $751.00 (roughly Rs. 71,150), while Solana (SOL) traded near $102.94 (roughly Rs. 9,753). XRP hovered around $1.39 (roughly Rs. 132), while Dogecoin (DOGE) was trading close to $0.0895 (roughly Rs. 8.48).
ETF Demand And On-Chain Signals Strengthen Market Structure
Assessing Bitcoin’s latest move and the impact of changing rate expectations, the CoinSwitch Markets Desk said, “Bitcoin’s latest move highlights how closely the market is responding to shifts in US rate expectations. BTC briefly reclaimed $80,000 (roughly Rs. 75.8 lakh) as Treasury yields eased, but the stronger-than-expected jobs report reversed that move by pushing yields higher and putting pressure back on risk assets.”
Highlighting Bitcoin’s resilience amid weaker demand signals and geopolitical concerns, Prateek Gupta, Head of Business, Mudrex, said, “Middle East tensions push oil above $92 a barrel (roughly Rs. 8,700 a barrel) and bring inflation back into focus ahead of the FOMC. CryptoQuant’s spot apparent-demand metric and Coinbase Premium Index have both turned negative, pointing to softer retail demand. More importantly, BTC has held firm despite the yen strengthening 3.7 percent in three sessions. A similar move in 2024 preceded a 20 percent Bitcoin selloff, so the current stability suggests stronger underlying demand.”
Despite Middle East tensions, higher oil prices, and softer retail demand indicators, Bitcoin has shown resilience, suggesting stronger underlying demand. Analysts are now watching whether BTC can reclaim and sustain $80,000 (roughly Rs. 75.79 lakh), with $82,800 (roughly Rs. 78.44 lakh) emerging as the next level of interest and $78,400 (roughly Rs. 74.28 lakh) serving as key support.
