Bitcoin slides toward $61,000 as profit booking and cautious sentiment weigh on crypto markets
Synopsis
Bitcoin slipped towards the $61,000 level as profit booking and cautious sentiment weighed on crypto markets. Broader weakness across major tokens reflected risk aversion, although analysts noted continued institutional participation and long-term adoption trends supporting the sector despite elevated short-term volatility.
Bitcoin slipped towards the $61,000 mark on Thursday as profit booking and cautious sentiment weighed on crypto markets. The cryptocurrency was trading at $61,531 mark, witnessing a decline of 2.12% in the past 24 hours.
Ethereum went down 1.69% in the past 24 hours to trade at $1,646 mark. Among the major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano corrected up to 2.70%, whereas Tron and Hyperliquid were up 0.16% and 1.99%, respectively.
Also Read | MF Tracker: How Edelweiss Large Cap Fund logged positive returns in the last 10 calendar years
Crypto TrackerTOP COINS (₹) USDC94 (-0.22%)Tether94 (-0.24%)Ethereum156,033 (-1.47%)BNB53,816 (-1.59%)Bitcoin5,832,257 (-1.67%)Avinash Shekhar, Co-Founder & CEO, Pi42, said while near-term volatility has increased, the market is also witnessing selective resilience in segments with strong fundamentals, suggesting that capital is becoming more discerning rather than exiting the ecosystem altogether.
He further said that for investors, this is a period that calls for discipline and perspective. Reacting to every market swing often results in missed opportunities and inefficient decision-making.
Live Events
The global crypto market capitalisation edged down 1.57% to $2.12 trillion, according to . The global market sell-off has deeply impacted the crypto markets as Bitcoin marks lows close to $59,000. ETH price also recovered from the interim bottom around $1,550 and is currently trading at $1,621, said CoinDCX Research Team.
A BTC whale closed nearly $50 million Bitcoin long position at a $1.3 million loss after the BTC price dropped below $60,000. As market cap drops below $2.10T, more than $970M liquidations of which $786 million in longs, CoinDCX Research Team further said.
In the past week, Bitcoin and Ethereum fell 3.82% and 4.92%, respectively. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano fell up to 8.66%, whereas Tron was up 3.07%.
WazirX Market’s Desk said that despite the consolidation, institutional participation, ETF interest, and long-term adoption continue to provide support for the crypto market.
Here is what other analysts say
Vikram Subburaj, CEO, Giottus
The crypto market seems to be caught between improving long-term fundamentals and persistent short-term caution. Bitcoin is trading around $60,800, roughly 43% below its 2025 peak of about $106,000. Institutional demand has softened in the short term, with US spot Bitcoin ETFs recording a further net outflow of $229.7 million on June 24, even as cumulative net inflows since launch remain above $53 billion.
Also Read | Silver, gold ETFs tumble up to 8% as strong dollar and rate hike fears weigh on prices. What should investors do?
Piyush Walke, Derivatives Research Analyst, Delta Exchange
Bitcoin plunged below the key $60,000 support level on Wednesday, falling to around $59,068 amid a sharp market sell-off. The decline was fueled by investor concerns over financing risks at Strategy Inc., a broader shift of retail capital toward AI-related stocks, persistent inflation, and expectations of higher interest rates from the Federal Reserve. Adding to the pressure, the US Dollar Index (DXY) surged to a 13-month high, weighing on Bitcoin as the two assets typically move in opposite directions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.
