Bitcoin Remains Close to $115,800 Despite Pressure to Sell Altcoins

The price of bitcoin dropped below $116,000 and is currently trading around $115,800, or about Rs. 1.01 crore. As traders await the US Federal Reserve’s policy announcement, the price has been consolidating in a small range. Ethereum dropped to $4,500, or about Rs. 3.9 lakh, and cryptocurrencies like Dogecoin and Solana were heavily pressured to sell. Despite the market’s short-term volatility, consistent ETF inflows and whale activity maintain the sentiment of the overall market. Ethereum is priced at Rs. 3.95 lakh on Indian platforms, while Bitcoin is trading close to Rs. 1 crore.

Altcoins Retreat as Market Consolidates Ahead of Fed Decisions

On Tuesday, the majority of cryptocurrencies showed symptoms of caution as traders watched institutional inflows and whale accumulation for indications of the next wave higher. The price of Dogecoin (DOGE) fell 4.7 percent to $0.268 (around Rs. 23). Binance Coin (BNB) was trading at $928 (about Rs. 81,000), XRP was down to $2.99 (approximately Rs. 260), while Solana (SOL) fell more than 3 percent to $236 (approximately Rs. 20,600).

Edul Patel, CEO of Mudrex, highlighted market dynamics by stating, “Whales are driving broader market momentum, accumulating nearly 23,000 ETH in a single day.” Over the past week, Ethereum ETFs have also received net inflows of $638 million, or around Rs. 5,490 crore, suggesting that institutional appetite has returned […]. A clear close above $116,500, or almost Rs. 1.00 crore, would indicate that Bitcoin may be poised to reach new heights.

Between $114,500 (about Rs. 98.4 lakh) and $116,000 (about Rs. 99.8 lakh), Bitcoin is fluctuating as traders take advantage of fresh whale selling and short-term profit-taking. The $113,000 (about Rs. 97.2 lakh) region is currently seen by many traders as possibly the final discount of this cycle, which would account for pockets of accumulation even as momentum slows. Despite attracting approximately $638 million (approximately Rs. 5,490 crore) in ETF inflows, Ethereum is still susceptible to September profit-taking […]. The largest catalyst is the Fed. A hawkish surprise might exacerbate the retreat, while a dovish signal could speed up inflows and push Bitcoin toward $125,000–$130,000 (about Rs. 1.07–1.12 crore), according to Avinash Shekhar, co-founder and CEO of Pi42.

“Spot Bitcoin ETFs have recorded more than $2 billion (approximately Rs. 17,200 crore) in inflows over the past six trading days,” the CoinSwitch Markets Desk said, pointing to robust institutional flows. With its most recent acquisition of 525 Bitcoin, MicroStrategy has increased its holdings to almost $73 billion (about Rs. 6,27,000 crore), increasing its total to 638,985 Bitcoin. Before stabilizing, ETH retreated to test support around almost $4,500, or about Rs. 3.87 lakh. With $4,600 (about Rs. 3.96 lakh) appearing as the threshold for upward momentum and $4,500 (about Rs. 3.87 lakh) continuing to be the crucial support to hold, the price is currently consolidating just above this level.

As altcoins are under pressure to sell and Bitcoin remains stable around $115,800 (about Rs. 1.01 crore), traders are awaiting the US Fed’s policy announcement. With firm support at $113,000–$115,000 (approximately Rs. 97.2 lakh–Rs. 99.3 lakh), a breakout over $116,500 (roughly Rs. 1 crore) could restrict downside risks and cause Bitcoin to test the $118,000 (roughly Rs. 1.01 crore) level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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