Bitcoin climbed back to the $64,700 level on Wednesday as softer US inflation data weakened the dollar and eased US Fed rate hike concerns. The cryptocurrency was trading at the $64,752 mark.
Ethereum was up 5.30% to trade at the $1,875 mark, and Bitcoin was up 3.56% in the past 24 hours. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained upto 6.42%.
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Vikram Subburaj, CEO, Giottus, said softer-than-expected US Inflation data weakened the dollar, which also reduced expectations of an immediate Federal Reserve rate increase. The cryptocurrency traded between roughly $62,250 and $65,050 over the previous 24 hours.
Subburaj further said that Wednesday’s US producer-price report, Fed Chair Kevin Warsh’s Senate testimony and the July 28-29 policy meeting remain key catalysts.
The global crypto market capitalisation was up 3.2% to $2.22 trillion, according to CoinMarketCap. Bitcoin experienced a significant upswing before the daily close, marking an intraday high above $65,000. Although market sentiments remain under fear, the crypto and greed index has risen slightly to 34, said the CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were up 3.26% and 7.20%, respectively. Among the major altcoins, BNB, XRP, and Dogecoin rallied up to 2%, whereas Solana, Tron, Hyperliquid and Cardano fell up to 3.89%.
Crypto markets bounced back after softer-than-expected U.S. inflation data eased concerns around further interest rate hikes. Bitcoin is trading above $64,400, while Ethereum has outperformed with weekly gains of over 4%, said Nischal Shetty, founder of WazirX.
Rather than anticipating a breakout in either direction, these levels can help traders gauge market conviction, especially with macro data and institutional flows continuing to shape sentiment, Shetty further said.
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Here is what other analyst say
Riya Sehgal, Research Analyst, Delta Exchange
The two-hour structure remains constructive as long as BTC holds above $63,500–$64,000. A sustained breakout above $66,000 could strengthen the recovery, while a fall below $63,500 may expose the $62,900 area.
Ethereum continues to show stronger relative momentum. Its breakout above $1,830 keeps $1,900 in focus, although a move below $1,805 would weaken the near-term setup.
CoinSwitch Markets Desk
BTC now faces resistance in the $66K–$67K range; a sustained move above this zone could open the path toward $70K. However, geopolitical tensions in the Middle East and elevated oil prices remain key risks, as renewed energy-driven inflation could limit the market’s upside
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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