Bitcoin traded near Rs. 73.4 lakh on Tuesday as the cryptocurrency market remained cautious ahead of the Federal Reserve’s September 15-16 policy meeting, while optimism around the CLARITY Act vote offered some support. Ethereum (ETH) was trading near Rs. 2.36 lakh, while major altcoins showed mixed momentum. Meanwhile, Bitcoin has shown resilience during the AI-stock selloff and continues to receive some support from optimism around the CLARITY Act vote. As per the data from CoinGecko, Bitcoin traded near $76,700 (roughly Rs. 73.5 lakh), and Ethereum was trading near $2,480 (roughly Rs. 2.38 lakh).
The world’s largest cryptocurrency fell 1.2 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said uncertainty around the Federal Reserve’s forward guidance is keeping volatility elevated, while recent Bitcoin ETF outflows indicate that institutional demand has moderated. Bitcoin has also broken below its 50-week EMA, while the Bank of Japan’s expected rate hike to 1.25 percent this week is being closely watched after a similar move preceded a sharp Bitcoin selloff in August 2024.
Major Altcoins Traded With Mixed Momentum on Tuesday.
Binance Coin (BNB) was priced around $715 (roughly Rs. 68,832), while Solana (SOL) traded near $100.3 (roughly Rs. 9,680). XRP hovered around $1.40 (roughly Rs. 134), while Dogecoin (DOGE) was trading close to $0.08 (roughly Rs. 7.95).
Policy Uncertainty Keeps Bitcoin Within A Narrow Range
Highlighting Bitcoin’s resilience despite a challenging macro backdrop, Prateek Gupta, Head of Business, Mudrex, said, “Bitcoin is trading near $76,700 (roughly Rs. 73.6 lakh) after breaking below its 50-week EMA as leverage unwinds. Markets are also watching the Bank of Japan, which is expected to raise rates to 1.25 percent this week, the highest since 1995. A similar move triggered a sharp Bitcoin selloff in August 2024. Meanwhile, spot Bitcoin ETFs recorded $463 million (roughly Rs. 444 crore) in net outflows over the past week.”
Assessing Bitcoin’s positioning ahead of the Federal Reserve decision, Vikram Subburaj, CEO, Giottus.com, said, “While expectations of a 25-basis-point rate hike are largely priced in, uncertainty around the Fed’s forward guidance is keeping volatility elevated. Recent Bitcoin ETF outflows have also moderated institutional demand […] For investors, the key is to avoid reacting to short-term volatility around the Fed decision. Excessive leverage should be avoided, while staggered entries can help manage timing risk.”
Overall, analysts said recent ETF outflows and broader macroeconomic pressure are limiting the recovery, while Bitcoin’s resilience during the AI-stock selloff and optimism around the CLARITY Act vote are providing some support. Traders are now watching the $75,000-$76,000 (roughly Rs. 71.9 lakh-Rs. 72.9 lakh) area as key support, while a sustained move above $80,000-$80,500 (roughly Rs. 76.7 lakh-Rs. 77.2 lakh) could improve the recovery outlook.
