Bitcoin hovers near $70K amid Middle East tensions and ETF outflows; CPI data key for next move
Synopsis
Bitcoin hovered near $70,000 amidst geopolitical tensions, a hawkish Fed outlook, and ETF outflows. Markets await CPI data for direction, with $70,000 acting as a key support level. Analysts suggest a consolidation phase, with the broader bullish structure intact despite short-term selling pressure.
Bitcoin remained near the $70,000 mark on Friday amid the rising geopolitical tensions in the Middle East, more hawkish Fed outlook and ETF outflows. Markets are focused on CPI data to decide the next move. The cryptocurrency was trading at $70,272 mark.
In the past 24 hours, Bitcoin and Ethereum slipped 0.2% and 2.4% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid fell upto 4%.
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Crypto TrackerTOP COINS (₹) Bitcoin6,580,685 (1.02%)Tether93 (0.07%)BNB59,947 (-0.12%)XRP135 (-0.44%)Ethereum199,709 (-0.7%)Bitcoin and Ethereum ETFs saw $219 million in outflows, failing to absorb the broader selling pressure. Markets are now focused on upcoming CPI data and further Fed commentary to gauge the next move, said Akshat Siddhant, Lead quant analyst, Mudrex.
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View Details »Siddhant further said that a sustained close above $73,000 would suggest that bulls are back in control and for now, $70,000 remains a key level to hold, with immediate support seen near $69,000.
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The global crypto market capitalisation went down 0.7% to $2.41 trillion, according to .
CoinDCX Research Team said the bears have slashed the Bitcoin price back to its accumulation range around $70,000 after restricting the rally at $75,000.
In the past week, Bitcoin went down 1.6% whereas Ethereum gained 1.4%. Among the major altcoins, XRP, Solana, Tron, Hyperliquid gained up to 6% whereas BNB, Dogecoin, and Cardano fell up to 4%.
Nischal Shetty, Founder, WazirX said that Bitcoin is hovering around $70,452 and holding its ground despite short-term selling pressure and the current price action suggests a consolidation phase rather than a trend reversal, keeping the broader bullish structure intact for now.
Ethereum is trading near $2,147 and remains stable, with steady network activity and ecosystem growth supporting its position, Shetty added.
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What other analyst say
CoinSwitch Markets Desk
BTC saw an intraday drop but recovered, showing buying interest near $69K. Funding rates remain neutral, suggesting balanced positioning and no excessive leverage, keeping the market in a consolidation phase.
Vikram Subburaj, CEO, Giottus
The intraday band remained relatively contained between ~$68,800 and $71,500 which pointed to a consolidation rather than directional conviction. The market is caught between the opposing forces of structural demand (ETFs, supply scarcity) and cyclical macro tightening (rates, oil, dollar strength). And, until one clearly dominates, Bitcoin is likely to remain a macro-sensitive, range-bound asset.
(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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