Bitcoin rebounds strongly this week, trades near $84,000 after climbing above $86,000. Here is what experts say

Bitcoin rebounded strongly this week and was trading near the $84,000 mark after climbing above the $86,000 mark. The cryptocurrency was trading near the $84,048 mark.

In the past 24 hours, Bitcoin was down 0.3% and Ethereum was up 0.2% to trade near $2,688. Among the major altcoins, XRP, Solana, Dogecoin, and Cardano gained upto 3.3% whereas BNB, Tron, and Hyperliquid corrected less than 1%.

Also Read | Explained: Which mutual fund ratios should investors check before investing?


The global crypto market capitalisation went up marginally 0.3% to $2.97 trillion, according to Coingecko.

Nischal Shetty, Founder, WazirX said Ethereum followed a similar trajectory, ending the period close to $2,700. The initial rally followed the US Federal Reserve’s September policy decision. With the outcome largely priced in, the conclusion of the FOMC meeting reduced near-term uncertainty and encouraged investors to rebuild exposure to risk assets.

Overall, the market structure has improved, but sentiment is already in the Greed zone, Shetty further said.

Over the past week, Bitcoin and Ethereum were up 3.6% and 2.2% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano gained upto 13.3% whereas Tron and Hyperliquid corrected 0.2% and 0.3% respectively.

Crypto markets are consolidating after Bitcoin’s rejection near $87,000. BTC is trading around $84,000, with 83,000 - 83,300 acting as key support, said Riya Sehgal, Research Analyst, Delta Exchange.

Also Read | Aditya Birla Sun Life Mutual Fund suspends fresh subscription in 3 international funds

ETF flows also remain positive, with Bitcoin ETFs recording about $191 million in net inflows on September 24, taking the six-session total to roughly $2.8 billion. Ethereum ETFs added around $66 million. For BTC, $83,000 and $85,000 remain the key levels for the next directional move, Sehgal further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)