Bitcoin consolidated around the $77,000 mark on Thursday as investors balanced improving global risk sentiment against persistent uncertainty around US interest rates. The cryptocurrency was trading at the $77,863 mark.
In the past 24 hours, Bitcoin was up 1.08% and Ethereum was up 0.14% to trade at the $2,404 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained up to 6.50%.
Vikram Subburaj, CEO of Giottus, said the market remains in consolidation and the latest on-chain picture is mixed. Bitcoin's August rally stalled below substantial long-term-holder supply between $83,000 and $86,000.
Attention now turns to Friday's US employment report, where economists expect around 56,000 new jobs, with unemployment at 4.1%, Subburaj further said.
The global crypto market capitalisation went up 0.59% to $2.63 trillion, according to CoinMarketCap. The crypto fear and greed index is at 63, which suggests the market sentiment remains greedy, said the CoinDCX Research Team.
Avinash Shekhar, Co-Founder & CEO, Pi42, said Bitcoin is attempting to establish a firmer base around the $77,700 level, while Ethereum, near $2,400, continues to track the broader market direction.
He further said that At this stage, investors may benefit from focusing on confirmation rather than chasing sudden price moves. Gradual accumulation at defined levels, along with close attention to trading volumes and Bitcoin’s ability to sustain higher levels, could offer a more measured approach.
In the past week, Bitcoin and Ethereum were down 2.51% and 5.06%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano corrected up to 6.48%.
Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin and Ethereum are attempting a recovery after the recent risk-off move, but crypto remains under pressure from geopolitical tensions and inflation concerns.
BTC needs $78,400 and ETH $2,425 to improve short-term momentum. Until then, resistance rejections and support breaks remain key risks, Sehgal further said.
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Here is what other experts say
Nischal Shetty, Founder, WazirX: Reclaiming resistance could strengthen buyer control, whereas losing support may expose the secondary $74,500-$75,000 zone. Momentum remains conditional on sustained participation above nearby moving averages during coming sessions.
Prateek Gupta, Head of Business, Mudrex: Bitcoin remains near $77,000 as higher global bond yields rise to their strongest levels since the 2008 financial crisis, keeping risk assets under pressure. Rising yields have weighed on Asian equities and strengthened the yen, reviving concerns over a carry-trade unwind that has previously triggered Bitcoin selloffs.
CoinSwitch Markets Desk: BTC slipped below $77K after U.S. military strikes on Iran pushed oil prices higher and increased caution across global markets. Attention now shifts to Friday’s U.S. jobs report, which could be the key macro trigger for BTC this week.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
