Bitcoin slips near $79,600 as broader crypto market weakens; BTC dominance stays elevated
Synopsis
Bitcoin slipped near the $79,600 mark as the broader crypto market weakened amid inflation concerns and cautious investor sentiment. Analysts said traders are closely tracking US macroeconomic data and geopolitical developments, while continued profit-booking and fading momentum kept pressure on major cryptocurrencies and altcoins.
Bitcoin slipped near the $79,600 mark on Thursday as the broader crypto market weakened by nearly 1.6% over the past 24 hours. The cryptocurrency was trading at around $79,821.
Over the past 24 hours, Bitcoin declined 1.52%, while Ethereum fell 1.38% to trade at around $2,266. Among major altcoins, BNB, XRP, Solana, Hyperliquid and Cardano dropped up to 4.31%, while Tron and Dogecoin gained 0.41% and 2.47%, respectively.
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Vikram Subburaj, CEO, Giottus, said Bitcoin traded near $79,600 as desks tracked a 24-hour decline of about 1.8%, volume of nearly $34 billion, and market capitalisation close to $1.6 trillion. The broader crypto market also softened to about $2.65 trillion. This was down 1.6% over 24 hours, while Bitcoin dominance remained elevated at nearly 60%. This is not yet a breakdown.
Crypto TrackerTOP COINS (₹) Tether96 (-0.05%)BNB64,172 (-1.02%)Bitcoin7,633,680 (-1.41%)Ethereum216,808 (-1.43%)XRP137 (-1.82%)
Subburaj further said that on-chain data supported a cautious reading of the market, and long-term holders were taking profits.
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The global crypto market capitalisation edged down 1.63% to $2.65 trillion, according to .
Akshat Siddhant, Lead quant analyst, Mudrex, said that Bitcoin pulled back toward the $79,000 zone after U.S. PPI inflation rose to its highest level since 2022, increasing concerns around prolonged monetary tightening by the Fed.
Siddhant also said that markets are also closely tracking developments from the talks between President Trump and Chinese President Xi Jinping for broader direction, and a positive outcome could help Bitcoin break above the $83,000 resistance and move toward $85,000, while a rejection may push BTC below the $78,500 support, increasing downside pressure.
In the past week, Bitcoin and Ethereum were down 1.51% and 2.74%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, and Dogecoin gained up to 3.69%, whereas Hyperliquid and Cardano were down 8.97% and 0.32%, respectively.
BTC struggled to break above the $81K level as stronger-than-expected U.S. inflation data weighed on market sentiment; April’s producer inflation rose 6% year-over-year, its highest level since 2022, raising concerns that interest rates could stay elevated for longer than expected, which has led traders to reduce short-term risk exposure across crypto markets, said CoinSwitch Markets Desk.
Market perspective
WazirX Market’s Desk: In the past 24 hours, Bitcoin held near $79,387, with RSI at 54.62 showing steady demand, and the price holding near $79K shows steady trader interest and a stable market condition. Ethereum traded near $2,251, with RSI at 44.78 showing a calmer phase around $2,250, while longer-term signals remained constructive.
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Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin has slipped below the $80,000 level, with broader crypto markets witnessing renewed selling pressure as macro uncertainty and risk-off sentiment weigh on momentum. The recent decline reflects growing caution among traders after Bitcoin failed to sustain its earlier breakout attempt above key resistance zones.
Riya Sehgal, Research Analyst, Delta Exchange: The cryptocurrency market is in a consolidation phase after its recent recovery, with Bitcoin trading below $80,000 and Ethereum showing weaker price action near $2,250. The current softness appears driven by macro repricing and fading short-term momentum rather than any major change in long-term fundamentals.
(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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