Bitcoin trades near the $83,300 mark on Wednesday after briefly crossing $84,000, as a sharp sell-off in Asian equities and broader macroeconomic uncertainty continue to weigh on market sentiment. The cryptocurrency was trading at the $83,388 mark.In the past 24 hours, Bitcoin was down 0.08% and Ethereum was down 0.21% to trade around the $2,504 mark. Among the major altcoins, BNB, Solana, Hyperliquid and Cardano corrected up to 1.65%, whereas XRP, Tron, and Dogecoin gained less than 1%.The recent correction has been accompanied by over $800 million in crypto liquidations over the past 24 hours, indicating significant pressure on leveraged positions, said Avinash Shekhar, Co-Founder & CEO, Pi42.He further said that meanwhile, weakening institutional demand and outflows from Bitcoin ETFs suggest that investors are adopting a cautious approach despite signs of accumulation at lower price levels.Also Read |Have over Rs 1.50 crore in mutual funds?
Expert explains how to plan a Rs 16,000 monthly SWP in retirementThe global crypto market capitalisation edged down 0.1% to $2.8 trillion, according to data on CoinMarketCap.Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX, said Bitcoin price is trading at around $83,700 after a firm rebound from the intraday low below $81,000, and market sentiment remains neutral while the fear and greed index rises slightly to 55.Over the last week, Bitcoin was down 0.53% and Ethereum was down 3.91%.
Among the major altcoins, BNB, Tron, Dogecoin, Hyperliquid and Cardano corrected up to 9.84%.Prateek Gupta, Head of Business, Mudrex, said Bitcoin is trading near $83,000 after testing resistance at $84,000, showing resilience despite broader market weakness, while US spot Bitcoin ETFs recorded $65 million in outflows, reflecting mixed institutional demand.Gupta further said that on-chain data shows BTC has held support near $81,500, the average cost basis for US ETF investors, with large holders resuming accumulation after more than a year of selling.
Corporate buying continues, with Strive adding 3,311 BTC
Corporate buying continues, with Strive adding 3,311 BTC to reach 32,773 BTC.Market perspectiveCoinSwitch Markets Desk: BTC briefly reclaimed $84K due to volatility in Asian equities, as concerns over AI valuations and semiconductor competition influenced broader market sentiment. Looking ahead, upcoming U.S. inflation data, Treasury yield movements and technology earnings will be key catalysts, while stabilisation in global equities could support renewed momentum across crypto markets.Nischal Shetty, Founder, WazirX: Bitcoin trades near $83,326 with a positive daily bias, supported by strong moving averages and neutral RSI.
Support sits at 83,000-83,250, while 83,700-83,900 forms resistance. Holding support could preserve momentum.Vikram Subburaj, CEO, Giottus: Bitcoin is trading near $81,900 as investors remain cautious amid uneven institutional demand and uncertainty over US monetary policy. US spot Bitcoin ETFs recorded heavy outflows earlier this month, with withdrawals of $484.9 million on October 7 and $244.1 million on October 8.Also Read |JioBlackRock Flexi Cap Fund exits Eternal, Ashok Leyland and 16 more, trims stake in RIL, HDFC Bank and 32 othersRiya Sehgal, Research Analyst, Delta Exchange: Crypto markets remain volatile after another sharp sell-off, with Bitcoin recovering from below $81,000 to around $83,700.
The decline triggered roughly $774 million in liquidations, mostly long positions, alongside weakness in Asian equities and macro uncertainty.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
