Bitcoin traded near Rs. 78.6 lakh on Wednesday as the cryptocurrency market showed signs of recovery, supported by renewed institutional buying and easing oil prices. Ethereum (ETH) traded near Rs. 2.31 lakh, while major altcoins posted mixed gains and losses. Inconsistent fund flows and uncertainty over the Federal Reserve’s interest-rate outlook continued to limit confidence in a sustained recovery. Optimism surrounding a potential US-Iran deal has also supported risk appetite by pushing oil prices lower. According to CoinGecko data, Bitcoin traded at $83,000 (roughly Rs. 78.5 lakh), while Ethereum was priced at $2,450 (roughly Rs. 2.31 lakh).
The world’s largest cryptocurrency fell 2 percent in the last 24 hours, according to the Gadgets 360 price tracker. BTC is trying to build momentum around the $83,000 (roughly Rs. 78.5 lakh) level, with the $82,000-$82,300 zone (roughly Rs. 77.5 lakh-Rs. 77.8 lakh) emerging as key support. However, analysts stated that only 53.8 percent of Bitcoin’s supply is currently in profit, suggesting that investor sentiment remains cautious.
Major Altcoins Show Mixed Momentum on Wednesday
Binance Coin (BNB) was priced around $745 (roughly Rs. 70,500), while Solana (SOL) traded near $106 (roughly Rs. 10,000). XRP hovered around $1.33 (roughly Rs. 124), while Dogecoin (DOGE) traded near $0.081 (roughly Rs. 7.5).
Fed Rate Outlook and Oil Prices Shape Market Sentiment
Highlighting Bitcoin’s improving momentum and the importance of institutional investment, Prateek Gupta, Head of Business at Mudrex, said, “US spot Bitcoin ETFs attracted $526.6 million (roughly Rs. 4,980 crore), their strongest inflows since September 22, while Strive increased its holdings by 1,223 BTC to 36,818 BTC […] Markets are pricing in a 15–17 percent chance of a Fed rate hike next week, while optimism around a potential US-Iran deal has pushed oil prices lower and supported risk appetite.”
Commenting on the broader macroeconomic environment, key trading levels and recent ETF activity, Nischal Shetty, Founder of WazirX, said, “Wall Street closed higher, led by the Dow, while the Nasdaq remained flat and the VIX eased to around 17, signalling reduced market anxiety. Oil prices fell 2.5 percent but stayed near $101 (roughly Rs. 9,500) a barrel, keeping inflation concerns alive ahead of next week’s Federal Reserve meeting. For Bitcoin, trading in the $82,000 (roughly Rs. 77.6 lakh) range, the macroeconomic backdrop remains neutral to slightly constructive.”
Discussing Bitcoin’s recovery, uneven institutional demand and the Federal Reserve’s upcoming policy decision, Vikram Subburaj, CEO of Giottus.com, said, “A Reuters poll found that 94 of 100 economists expect the Fed to hold rates at 3.75 percent–4.00 percent at its October 27–28 meeting. All respondents expect a rate increase in December, keeping pressure on risk assets […] Investors should avoid chasing short-term rallies. Consider staggered entries, maintain measured position sizes and monitor ETF flows and Fed signals before increasing exposure.”
Overall, analysts said Bitcoin’s support around $82,000-$82,300 (roughly Rs. 77.5 lakh-Rs. 77.8 lakh) remains important, while a sustained move above $83,600 (roughly Rs. 79 lakh) could open the way towards higher resistance levels. Investors are also watching whether ETF inflows persist and how the Federal Reserve’s October 27-28 meeting shapes risk appetite.
