Bitcoin traded near the $65,500 mark on Wednesday as traders are waiting for clearer signals from ETF flows, on-chain demand, and the US Federal Reserve. The cryptocurrency was trading at $65,583 mark.
In the past 24 hours, Bitcoin fell 1% and Ethereum was up 1% to trade at $1,789 mark. Among the altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano fell up to 4% whereas Hyperliquid was up 1%.
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Vikram Subburaj, CEO, Giottus said the asset remains above its recent lows. However, the recovery still appears fragile and from a technical perspective, Bitcoin’s immediate support is seen around $65,300, close to its 24-hour low and a deeper break could bring the $64,000–$65,000 zone into focus.
The global crypto market capitalisation edged down 0.6% to $2.25 trillion, according to CoinMarketCap. The fear and greed index remains stuck at 25, as the sentiments continue to be fearful, said CoinDCX Research Team.
Akshat Siddhant, Lead quant analyst, Mudrex said that while markets largely expect the Federal Reserve to keep rates unchanged, the recent 75-basis-point rate hike by the Bank of Japan has heightened sensitivity to the Fed’s outlook and policy commentary.
"A dovish tone from the Fed today could improve risk appetite and help Bitcoin break above the $68,000 resistance," Siddhant further said.
In the past week, Bitcoin and Ethereum were up 7% and 10% respectively. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano gained up to 33% whereas Tron fell 1%.
Riya Sehgal, Research Analyst, Delta Exchange said crypto markets are currently in a cautious consolidation phase, with Bitcoin holding the $65,000–$66,000 zone ahead of the FOMC decision. The recent recovery from sub-$60,000 levels has improved short-term sentiment, but the move still lacks strong confirmation from ETF flows and broader liquidity signals.
Market perspective
WazirX market’s desk
Bitcoin is showing early signs of recovery as macroeconomic pressures begin to ease and institutional conviction remains strong. From a technical standpoint, Bitcoin continues to show encouraging signals. The MACD remains on a buy indication, suggesting that bearish momentum is weakening and buyers are gradually regaining control.
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Avinash Shekhar, Co-Founder & CEO, Pi42
Bitcoin’s pullback into the mid-$60,000 range reflects a market that is still navigating the aftermath of recent volatility, with extreme fear continuing to dominate investor sentiment. While short-term price action remains cautious, recent liquidations and a decline in open interest suggest that a significant portion of excess is continuing to be cleared from the system.
( 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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