Following a remarkable rally earlier this week that saw Bitcoin and Ethereum achieve unprecedented all-time highs, the global cryptocurrency market experienced a period of consolidation on Wednesday. Bitcoin is currently trading at approximately $121,300 (or about Rs. 1.07 crore), while Ethereum hovers around $4,400 (roughly Rs. 3.9 lakh). This slight retraction is largely attributed to record institutional investments and favorable macroeconomic factors that previously fueled the surge. Market analysts interpret this current phase as a healthy cool-off in the ongoing crypto upswing. For context, on Indian exchanges, Bitcoin is valued at roughly Rs. 1.07 crore, and Ethereum at about Rs. 3.93 lakh.
Altcoins Show Varied Performance Amidst Crucial Support Monitoring
Similar to Bitcoin’s slight dip on Wednesday, most other digital assets across various crypto exchanges also experienced mixed movements. Binance Coin (BNB) was valued at around $1,282 (approximately Rs. 1.13 lakh), while Solana (SOL) saw a minor decrease from $220 (roughly Rs. 19,500) to $218 (about Rs. 19,300). XRP traded at $2.85 (roughly Rs. 250), and Dogecoin (DOGE) was observed at $0.26 (approximately Rs. 20).
Avinash Shekhar, Co-Founder and CEO of Pi42, noted that despite this minor pullback, the overall market structure remains distinctly bullish. He expressed optimism, stating there’s approximately a 50 percent chance that Bitcoin could reach $140,000 this month if the current momentum holds. A critical support level to watch is near $113,000 (roughly Rs. 1 crore), which is vital for sustained bullish sentiment. Ethereum, he added, is currently undergoing slight profit-taking.
Edul Patel, CEO of Mudrex, highlighted the strong institutional interest in Bitcoin, which is enabling it to maintain momentum and recover swiftly. He pointed out that Bitcoin spot ETFs alone witnessed a substantial inflow of $1.2 billion (approximately Rs. 10,646 crore) in a single day, significantly impacting recent price movements. Currently, $124,600 (roughly Rs. 1.1 crore) serves as an immediate resistance level.
Analysts from the CoinSwitch Markets Desk concurred, viewing the recent price shifts as constructive rather than a bearish signal. They described the current market activity as a healthy, short-term correction, not a trend reversal. On-chain data indicates that long-term investors are engaging in some profit-taking. Despite potential mild consolidation among altcoins, the overall market outlook remains positive, especially if Bitcoin maintains its position above $120,000 (approximately Rs. 1.06 crore).
Conversely, the CoinDCX Research Team drew attention to varying performance across different tokens and shifts in investor behavior. Binance Coin has managed to stay above $1,200 (roughly Rs. 1.06 lakh), while Solana’s price dipped below $220 (approximately Rs. 19,500). PancakeSwap was a notable performer, leading the top gainers with an impressive 11 percent surge, followed by Sonic (S) with over 7 percent and BNB with 4.8 percent. In contrast, DoubleZero (2Z) experienced the steepest decline, pulling back by more than 17.8 percent.
As the market continues to adjust to these recent all-time highs, the forthcoming phase of the “Uptober” rally will largely depend on Ethereum’s capacity to hold its ground near $4,500 (approximately Rs. 4 lakh) and Bitcoin’s ability to defend its critical $120,000 (roughly Rs. 1.06 crore) support level.