Bitcoin traded near $66,000 (roughly Rs. 62.5 lakh) on Tuesday, as the cryptocurrency market maintained its recent recovery amid improving investor sentiment and continued accumulation by large holders. The world’s largest cryptocurrency witnessed an increase of 0.59 percent in the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,763 (roughly Rs. 1.67 lakh), reflecting strength across the broader crypto market. Bitcoin is currently priced around Rs. 62.5 lakh in India, while Ethereum trades near Rs. 1.67 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that continued whale accumulation, limited sell-side supply, and expectations surrounding the US Federal Reserve meeting have helped improve market sentiment despite inconsistent ETF flows.
Market optimism spread over into the altcoin sector, helping several major cryptocurrencies trade in positive territory. Binance Coin (BNB) was priced around $613.78 (roughly Rs. 58,090), while Solana (SOL) traded near $73.69 (roughly Rs. 6,975). XRP hovered around $1.22 (roughly Rs. 115), and Dogecoin (DOGE) traded near $0.087 (roughly Rs. 8.2), indicating a broader improvement in risk appetite across large-cap digital assets.
Whale Activity Supports Bitcoin Consolidation Ahead of Anticipated US Fed Decision
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Large investors continue to show confidence, with whale wallets withdrawing more than 11,000 BTC from exchanges, reducing the amount of Bitcoin available for sale. Institutional buying also remains active, with Strategy’s purchase of 1,587 BTC over the past week.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The rally has come despite continued caution among institutional investors. US spot Bitcoin ETFs recorded a net outflow of $131.2 million (roughly Rs. 1,242 crore) on June 15, extending a trend of uneven flows this month. Meanwhile, on-chain indicators remain supportive […] Avoid chasing breakouts before the Fed decision. Consider staggered allocations and watch for a sustained move above $68,000 (roughly Rs. 64.4 lakh) accompanied by improving ETF inflows before increasing exposure.”
Sharing a technical perspective on Ethereum, Harish Vatnani, Head of Trade at ZebPay, said, “After establishing a bottom near $1,550 (roughly Rs. 1.47 lakh), Ethereum has formed a gradual upward move supported by a short-term rising trendline. The recovery has been steady rather than explosive, indicating controlled buying interest rather than aggressive accumulation. Price has also reclaimed the $1,700 (roughly Rs. 1.61 lakh) region, providing an initial sign of stabilisation following the sharp selloff.”
Overall, analysts said the crypto market is showing signs of renewed strength as whale accumulation, declining exchange balances, and improving sentiment support prices. However, the outcome of the US Federal Reserve meeting and the trajectory of institutional flows remain key variables.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Source link
#Bitcoin #Steadies #Whale #Buying #Fed #Rate #Expectations #Lift #Sentiment
