Bitcoin traded near Rs. 79.7 lakh on Friday as the cryptocurrency market tried to recover from recent losses after US President Donald Trump ruled out strikes on Iran before the midterm elections. Ethereum (ETH) was trading near Rs. 2.4 lakh, while major altcoins showed mixed momentum. Market participants said the recovery follows a period of heavy selling driven by institutional outflows, leveraged liquidations, and rising US Treasury yields. According to CoinGecko data, Bitcoin traded near $82,500 (roughly Rs. 79.8 lakh), while Ethereum was priced at $2,500 (roughly Rs. 2.41 lakh).
The world’s largest cryptocurrency fell 1.1 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said the rebound followed Trump’s remarks on Iran. However, institutional demand has weakened, with US spot Bitcoin ETFs recording at least $723.5 million (roughly Rs. 6,998 crore) in outflows over the two sessions through October 8. Nearly $1 billion (roughly Rs. 9,672 crore) in crypto positions were liquidated, with long positions accounting for most of the losses.
Major Altcoins Trade With Mixed Momentum on Friday
Binance Coin (BNB) was priced around $743 (roughly Rs. 71,800), while Solana (SOL) traded near $110 (roughly Rs. 10,600). XRP hovered around $1.40 (roughly Rs. 135), while Dogecoin (DOGE) traded near $0.0857 (roughly Rs. 8.7).
Geopolitical Relief Offers Temporary Support Amid Market Uncertainty
Highlighting the impact of geopolitical developments and market liquidations on Bitcoin, Prateek Gupta, Head of Business, Mudrex, said, “The broader risk-off environment persists, with Fed minutes pointing to another rate hike before year-end, Treasury yields near a 24-year high of 5.3 percent and oil approaching $105 (roughly Rs. 10,100). Nearly $1 billion (roughly Rs. 9,672 crore) in positions were liquidated, 90 percent of them longs. Spot Bitcoin ETFs saw $487 million (roughly Rs. 4,710 crore) in outflows, the highest since late June, while $1.8 billion (roughly Rs. 17,410 crore) in options expiring today could add volatility.”
Commenting on weakening institutional demand and the broader macroeconomic backdrop, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs recorded at least $723.5 million (roughly Rs. 6,998 crore) of outflows over the 2 sessions through October 8, removing the institutional demand that had supported the late-September rally […] For investors, $81,000 (roughly Rs. 78.3 lakh) is the immediate level to watch. Fresh purchases can be staggered instead of being committed in 1 trade, while high leverage is best avoided until Bitcoin recovers $83,300 (roughly Rs. 80.57 lakh) and then $85,500 (roughly Rs. 82.67 lakh) with stronger ETF inflows.”
Pointing to key support levels and the importance of disciplined trading during volatility, Nischal Shetty, Founder, WazirX, said, “The $80,000 (roughly Rs. 77.3 lakh) level remains an important near-term support, while $77,000 (roughly Rs. 74.4 lakh), near the 50-week moving average, could become relevant if selling continues. Ethereum is also testing a key support zone between $2,400 and $2,450 (roughly Rs. 2.32 lakh-Rs. 2.37 lakh), with higher implied volatility signalling the possibility of sharper moves […] At the same time, investors should take emerging AI-enabled security threats seriously without making hurried decisions.”
Overall, analysts said the broader weakness across major cryptocurrencies suggests investors are reducing exposure to riskier assets rather than responding to a Bitcoin-specific development. Bitcoin’s $80,000-$81,000 (roughly Rs. 77.3 lakh-Rs. 78.3 lakh) support zone remains important, while a sustained recovery above $83,300 (roughly Rs. 80.5 lakh) and $85,000 (roughly Rs. 82.2 lakh) could improve market sentiment.
