Bitcoin holds near $79K as traders avoid aggressive profit booking. Here’s what experts say
Over the past 24 hours, Bitcoin gained 1.30%, while Ethereum rose 1.71% to trade at $2,477. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano gained up to 4.26%, while Tron declined 1.41%.
Also Read | Escorts Kubota shares rally 3% after August tractor sales rise 19% YoYRiya Sehgal, Research Analyst at Delta Exchange, said crypto markets entered September in a consolidation phase, with Bitcoin holding near $78,300 and Ethereum around $2,460 as traders assessed renewed macroeconomic and geopolitical risks.
Sehgal further said that volatility has also eased, with Bitcoin’s implied volatility index falling to around 37.5 from the 43–46 range seen previously, and for now, markets appear to be digesting August’s strong gains rather than entering a broad-based risk-off phase.
The global crypto market capitalisation was up 1.01% to $2.657 trillion, according to CoinMarketCap. The fear and greed index slightly rises to 75, as the market sentiments remain greedy, said CoinDCX Research Team.
Vikram Subburaj, CEO, Giottus said the cryptocurrency is attempting to stabilise after last week’s post-Jackson Hole correction, but remains below the $80,000 mark and institutional demand remains positive overall, although momentum has moderated.Attention now turns to Friday’s US employment report and investors should remain measured while macro uncertainty is elevated, Subburaj further said.
Over the past week, Bitcoin and Ethereum were down 2.06% and 1.24% respectively. Among the major altcoins, BNB, XRP, Tron, Dogecoin, and Cardano corrected upto 11.03% whereas Solana and Hyperliquid were up 1.77% and 3.87% respectively.
Bitcoin is consolidating around $78,000-$79,000 after ending August with a strong 25% gain, but the macro backdrop is becoming less supportive. Fed Chair Kevin Warsh’s comments have encouraged some profit-taking, said Prateek Gupta, Head of Business, Mudrex.
Here is what other analyst say
Nischal Shetty, Founder, WazirX: Bitcoin trades near $78,405, retaining a positive daily bias despite RSI around 71. Strong inflows may not immediately lift prices because profit-taking, exchange selling, macro uncertainty, resistance levels, and derivatives positioning can offset ETF demand, creating temporary divergence between institutional accumulation and spot-market performance during volatile trading sessions.
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CoinSwitch Markets Desk: Sentiment is cautious as renewed U.S.–Iran tensions pushed oil and Treasury yields higher, while markets increased expectations of a September Fed rate hike. A clean break above $80K would strengthen near-term momentum after August’s nearly 25% strong rally.
Avinash Shekhar, Co-Founder & CEO, Pi42: Investors should avoid chasing sharp price moves at current levels and instead look for confirmation around key support and resistance zones. Staggered entries can be considered during pullbacks, while disciplined position sizing and stop losses remain important, particularly as macro developments could continue to drive short-term swings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
