Bitcoin traded near Rs. 74.2 lakh on Monday as the cryptocurrency market remained subdued, with institutional support weakening at higher prices and traders cautious ahead of the Federal Reserve’s September 16 decision. Ethereum (ETH) was trading near Rs. 2.3 lakh, while major altcoins showed mixed momentum. With the US 10-year Treasury yield near 4.9 percent and Brent crude above $107 (roughly Rs. 10,230), traders are watching Bitcoin’s $76,600 (roughly Rs. 73.24 lakh) support level ahead of the Fed decision. According to CoinMarketCap data, Bitcoin traded near $77,700 (roughly Rs. 74.4 lakh), and Ethereum traded near $2,500 (roughly Rs. 2.4 lakh).
The world’s largest cryptocurrency fell 0.7 percent in the last 24 hours, as per the Gadgets 360 price tracker. Markets are assigning an 86 percent probability to a 25-basis-point Fed rate increase, while traders are also watching tomorrow’s Senate cloture vote on the CLARITY Act and the FOMC meeting for potential catalysts.
Major Altcoins Traded With Mixed Momentum on Monday
Binance Coin (BNB) was priced around $724.04 (roughly Rs. 69,225), while Solana (SOL) traded near $101.61 (roughly Rs. 9,715). XRP hovered around $1.38 (roughly Rs. 132), while Dogecoin (DOGE) was trading close to $0.08441 (roughly Rs. 8.07).
On-Chain Signals Offer Some Support
Assessing Bitcoin’s positioning ahead of the Federal Reserve decision, Vikram Subburaj, CEO of Giottus.com, said, “US spot Bitcoin ETFs attracted $3.34 billion (roughly Rs. 31,934 crore) between August 19 and September 4. That demand helped BTC recover from about $62,000 (roughly Rs. 59.28 lakh) to $82,000 (roughly Rs. 78.40 lakh) […] The immediate risk is the September 16 US Federal Reserve decision. Markets assign an 86 percent probability to a 25-basis-point rate increase […] Investors should avoid high leverage before the Fed decision.”
Pointing to the split between on-chain and retail sentiment, Prateek Gupta, Head of Business, Mudrex, said, “Bitcoin is holding in a narrow $76,000-$77,000 (roughly Rs. 72.74 lakh-Rs. 73.70 lakh) range after Friday’s swings, with hotter CPI data lifting Fed rate-hike expectations above 85 percent and keeping investors cautious. Sentiment is split, as on-chain data shows ‘extreme greed’, the highest since March 2024, while retail sentiment remains bearish […] Attention now turns to tomorrow’s Senate cloture vote on the CLARITY Act and the FOMC meeting.”
Overall, analysts are now watching $76,600-$75,000 (roughly Rs. 73.2 lakh-Rs. 71.7 lakh) as key support, while a sustained move above $81,500 (roughly Rs. 77.9 lakh) could confirm a stronger recovery.
