Bitcoin hovered around $112,000 (roughly Rs. 99.4 lakh) on Monday, as traders remain cautious ahead of macroeconomic cues and a looming $22.6 billion (roughly Rs. 2,00,416 crore) futures expiry. The oldest digital asset has managed to maintain its range, despite the extreme volatility it experienced over the past few weeks. Meanwhile, Ethereum climbed 2.4 percent in the last 24 hours to $4,113 (roughly Rs. 3.65 lakh), supported by reduced exchange supply. As per the Gadgets 360 price tracker, Bitcoin trades at Rs. 99.1 lakh in India, and Ethereum stands at Rs. 3.6 lakh.Reduced Ethereum Supply Provides Key Market SupportThe altcoin market reflected modest gains on Monday, with Binance Coin (BNB) rising to $1,010 (roughly Rs. 89,300) and Solana (SOL) trading at $209 (roughly Rs. 18,500). XRP advanced to $2.85 (roughly Rs. 252) while Dogecoin (DOGE) hovered at $0.233 (roughly Rs. 20).Analysts explain that whale activity provides key support for BTC and ETH. Edul Patel, CEO of Mudrex, explained, “In just one week, whales bought $3.3 billion (roughly Rs. 2,92,700 crore) worth of BTC, followed by $1.73 billion (roughly Rs. 1,53,468 lakh crore) in ETH accumulation later in the week. This shows increased confidence in crypto, ahead of the fourth quarter. While ETFs saw significant outflows last week, whales absorbed the selling pressure, putting Bitcoin back on the bullish track.”Adding a broader perspective on volatility and support, Avinash Shekhar, Co-Founder & CEO of Pi42, said, “It is important to look at these movements in context rather than in isolation […] A recovery above $115,000 (roughly Rs. 1.02 crore) could open the path for a retest of higher levels, but the focus for investors should be on the broader picture. In periods like this, discipline and patience become key, as short-term pullbacks often pave the way for stronger consolidation and eventual upward momentum.”The CoinDCX Research team pointed to tight consolidation across major altcoins and further added, “The investors experienced a sigh of relief as the markets began to recover. The top gainers for the day include Zcash with over 18.43 percent, Pump.Fun with a 13.76 percent rise, and MYX Finance by over 11.63 percent. Besides, ether.fi plunges by over 1 percent, followed by Memecore, Tron, and XDC Network by less than 1 percent each.”Suggesting optimism over ETF approvals could offset weak macro sentiment, the CoinSwitch Markets Desk said, “Bitcoin traded within a narrow range of $109,000 (roughly Rs. 96.7 lakh) to $112,000 (roughly Rs. 99.4 lakh) over the weekend as traders maintained a cautious stance following dovish remarks from Federal Reserve officials. Persistent inflation continues to weigh on the Fed’s outlook, limiting the scope for near-term rate cuts.”Macroeconomic data and futures expiry flows are expected to impact the crypto market in the upcoming week. A reduction in supply of ETH on exchanges and whale accumulation could fuel momentum, but for now, traders remain watchful as crypto markets hover near critical resistance levels. 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: gadgets360.com
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