Bitcoin consolidates near $70,000 as macro uncertainty offsets institutional demand
Synopsis
Bitcoin consolidated near $70,000 despite positive institutional demand, as macro uncertainty persisted. While Spot Bitcoin ETFs saw significant inflows and whale holdings rose, the broader crypto market capitalization edged down. Analysts suggest cautious sentiment with limited near-term breakout probability above $75,000.
Bitcoin consolidated near $70,000 as the macro uncertainty offset positive institutional demand. The cryptocurrency was trading at $69,408 mark on Thursday, registering a marginal decline of 0.61% in the past one day.
In the past 24 hours, Ethereum was up by 0.05% to trade at $2,024 level. Among the major altcoins, BNB, Tron, and Hyperliquid gained upto 6% whereas XRP, Solana, Dogecoin, and Cardano fell upto 1.50%.
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Crypto TrackerTOP COINS (₹) BNB59,481 (1.21%)Ethereum187,018 (0.88%)Tether92 (0.49%)Bitcoin6,412,036 (0.27%)XRP126 (-0.07%)Riya Sehgal, Research Analyst, Delta Exchange said that the latest U.S. CPI inflation data came in around 2.4% year-on-year, broadly in line with expectations and at the same time, the probability of near-term Federal Reserve rate cuts remains low, keeping risk assets in a cautious environment.
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View Details »Despite this, Spot Bitcoin ETFs have recorded over $250 million in inflows recently, while on-chain data shows whale holdings rising to around 3.2 million BTC, indicating continued long-term accumulation by large players, Sehgal added.
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The global crypto market capitalisation edged down 2.57% to $3.07 trillion, according to .
The crypto market’s volatility is gradually increasing, not due to the top coins, which remain consolidated, but due to the other altcoins, which are making massive moves, said CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were down 3.9% and 4.2% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano, fell upto 6% whereas Tron and Hyperliquid went up 1.8% and 17% respectively.
Market data placed the asset broadly in the $69,300-$69,400 range during the session which suggests that the market remains in a narrow consolidation band just below the psychologically important $70,000 level, said Vikram Subburaj, CEO, Giottus.
What other analysts say
Akshat Siddhant, Lead quant analyst, Mudrex
Sentiment remains cautious, with options data indicating only about a 17% probability of a breakout above $75,000 in the near term.
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CoinSwitch Markets Desk
Bitcoin continues to see challenges near the $75K level, which has acted as strong resistance for over a month. This is despite growing whale accumulation, with large holders now owning 3.2M BTC, the highest since 2024.
Nischal Shetty, Founder, WazirX
Energy supply, inflation data, and stablecoin regulation drove the last 24 hours, with Bitcoin holding $69,000 and the FDIC drawing clear limits on stablecoin protections.
(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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