•
•
•
•
•
•
•
Bitcoin came under pressure on September 10, with the cryptocurrency falling to approximately ₹74,58,491.31, down 1.63% over the past 24 hours. The decline represents a drop of around ₹1.21 lakh from its previous 24-hour level.
During the session, Bitcoin traded between ₹74,22,192.05 and ₹76,02,280.44. With the current price closer to the day's low, the market is showing continued selling pressure despite Bitcoin remaining slightly positive over the past week.
One of the major concerns affecting global financial markets is the rise in crude oil prices. Brent crude has moved above $100 a barrel amid escalating geopolitical tensions, raising concerns that higher energy costs could keep inflation elevated.
Higher inflation could make central banks more cautious about monetary policy. For Bitcoin, this can create additional pressure because tighter financial conditions generally reduce investors' appetite for risk-sensitive assets.
Markets are closely watching upcoming U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) data. These reports could influence expectations for the Federal Reserve's September policy decision.
Current market pricing has placed the probability of a Fed rate hike at around 60%. A hotter-than-expected inflation reading could strengthen expectations for tighter monetary policy, potentially putting further pressure on Bitcoin. Conversely, softer inflation data could improve sentiment toward risk assets.
Bitcoin's latest decline highlights the cryptocurrency's ongoing volatility. Although BTC has fallen 1.63% over the past 24 hours, it is still up 0.45% over the past seven days, suggesting that the recent daily weakness has not completely reversed its short-term gains.
Bitcoin's market capitalization currently stands at approximately ₹149.78 trillion, while its circulating supply is around 20.08 million BTC.
The cryptocurrency also remains significantly below its level from a year ago, with the latest figures showing a 32.34% decline over the past 12 months.
Bitcoin's next major move is likely to depend on a combination of U.S. inflation data, Federal Reserve policy expectations, crude oil prices and geopolitical developments.
For now, traders will be watching whether Bitcoin can recover from the day's low and regain upward momentum, or whether continued macroeconomic uncertainty leads to further selling pressure.
