Markets cautious as Bitcoin nears $78,300 ahead of US inflation
Bitcoin is hanging out around $78,300 (₹7,460,000) today, with Ethereum following at $2,470 (₹235,000).
Markets are feeling cautious as everyone waits for US inflation data that could sway Federal Reserve moves.
We're seeing less spot buying and softer ETF demand lately, so traders are keeping an eye on what's next.
Bitcoin rises amid U.S.-Iran clashes
During the recent U.S.-Iran clashes, Bitcoin acted a bit like gold, rising while stocks dropped.
Prateek Gupta, Head of Business, Mudrex, pointed out this "safe-haven" vibe, while Vikram Subburaj, CEO, Giottus.com, noticed more futures and options trading as people brace for volatility.
Bitcoin briefly hit $79,650 (₹7,580,000) after a US Treasury buyback but slipped when oil prices jumped past $100 (₹9,500).
Spot Bitcoin ETFs in the US saw net outflows of $46.6 million (₹44,400,000) on September 8, and analysts are watching key support ($77,000-$78,000) and resistance ($79,700-$80,500) levels closely right now.