Bitcoin’s price found stability around $110,000 (approximately 96.7 lakh rupees) on Thursday, with trading activity remaining subdued. This muted response comes amid ongoing trade tensions between the US and China, alongside a US government shutdown now in its fourth week. The delay of crucial US economic data has left traders feeling cautious, awaiting more definitive market indicators. Ethereum mirrored this quiet trend, hovering around $3,800 (approximately 3.3 lakh rupees). On prominent Indian exchanges, Bitcoin is currently valued at approximately 95.5 lakh rupees, and Ethereum at 3.3 lakh rupees.
Altcoins Maintain Steady Course Amidst Market Consolidation
The majority of altcoins also maintained narrow trading ranges as the wider crypto market continued its consolidation phase. XRP traded near $2.39 (approximately 210 rupees), while Binance Coin (BNB) was seen around $1,100 (approximately 94,200 rupees). Dogecoin (DOGE) held at $0.19 (approximately 16.80 rupees), and Solana (SOL) was priced at $184 (approximately 16,210 rupees).
Edul Patel, CEO of Mudrex, observed that Bitcoin’s recent price movements suggest a careful optimism among investors. He noted, “Bitcoin is currently consolidating within a tight range after briefly touching $114,000 (approximately 1 crore rupees), indicating investor caution. However, the broader market outlook remains positive, buoyed by significant whale accumulation of over 12,000 BTC in the past week. Furthermore, the global M2 money supply is on the rise, reaching an impressive $137 trillion (approximately 12,000,000 crore rupees).”
The CoinSwitch Markets Desk echoed this sentiment, stating that Bitcoin is in a holding pattern as traders await clearer macroeconomic conditions. “Uncertainty stemming from US-China trade discussions and the four-week-long US government shutdown, which has postponed key economic data releases, is leading to cautious market activity,” the desk explained. “Interestingly, Bitcoin’s options open interest now surpasses futures by an unprecedented $40 billion (approximately 3,50,000 crore rupees), highlighting increased hedging strategies and a more mature market structure.”
The CoinDCX Research Team added that despite some strength in certain large-cap tokens, overall market sentiment remains fragile. They reported, “Today’s top performers include Hyperliquid, jumping over 6 percent; Mantle, up more than 3 percent; and Monero, increasing by over 2.7 percent. Conversely, Zcash saw a dip of more than 10 percent, followed by DoubleZero and SPX6900, both falling over 7.7 percent.”
Looking ahead, a decisive breach above the $110,000 (approximately 96.7 lakh rupees) mark would likely reignite bullish momentum, potentially pushing Bitcoin towards $113,800 (approximately 1 crore rupees). Conversely, a decline below $106,500 (approximately 93.6 lakh rupees) could intensify corrective pressures.
Important Note: Cryptocurrency is an unregulated digital currency, not considered legal tender, and is inherently subject to significant market risks. The information provided in this article is for informational purposes only and should not be construed as financial or trading advice, nor as any form of recommendation or endorsement from us. We are not responsible for any losses incurred from investments made based on perceived recommendations, forecasts, or any other information presented herein.