Bitcoin around $79,000 as macro risks mount, $246 million crypto positions liquidated

Bitcoin is holding near the $79,000 mark on Wednesday as macro risk mounts and nearly $246 million crypto positions were liquidated in the past 24 hours. The cryptocurrency was trading at $79,624 mark.

In the past 24 hours, Bitcoin was up 1.56% and Ethereum was up 1.66% to trade at $2,517 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied upto 3.37%.

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Riya Sehgal, Research Analyst, Delta Exchange said despite the softer price action, there has not been a major capitulation. Roughly $246 million in crypto positions were liquidated over the past 24 hours, with longs taking the bigger hit, while recent Bitcoin ETF demand has remained supportive.

Bitcoin’s volatility has climbed to around 40.2, rising more than 7%, which suggests traders are pricing in higher near-term volatility, Sehgal further said.

The global crypto market capitalisation went up 1.51% to $2.71 trillion, according to CoinMarketCap. The crypto fear and greed index today has dropped to 69 as the market sentiment remains greedy, said CoinDCX Research Team.

Avinash Shekhar, Co-Founder & CEO, Pi42 said after Bitcoin’s recent move above $82,000, the pullback reflects a market that is waiting for clearer signals on inflation and the Federal Reserve’s next policy decision rather than a fundamental shift in the broader recovery.

If macroeconomic conditions remain supportive and Bitcoin can reclaim the $80,000 level with sustained buying, the recent high near $82,000 could come back into focus, he further said.

Over the past week, Bitcoin and Ethereum were up 3.32% and 4.84% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano rallied upto 13.82%.

Here is what other experts say

Prateek Gupta, Head of Business, Mudrex: Despite the pullback, underlying market conditions remain relatively healthy, with 71% of Bitcoin’s supply still in profit, a level that has historically coincided with transitions from bear to bull markets.

CoinSwitch Markets Desk: BTC briefly slipped below $78K as rising oil prices and Middle East tensions increased inflation concerns and weighed on broader markets. Attention now shifts to upcoming U.S. PPI and CPI data, which could shape the Fed’s September rate decision.

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Vikram Subburaj, CEO, Giottus: The latest on-chain picture is finely balanced. Spot momentum has fallen 30% to 54.6, while spot trading volume remains around $5.3 billion. Selling pressure is easing, but it has not yet turned into strong conviction buying.

Nischal Shetty, founder, WazirX: ETF flows are currently negative at $47.66M, adding some near-term pressure. Overall, the market isn’t showing a broad risk-off shift yet but with US equities under pressure and macro uncertainty rising, the next move in crypto could be driven by how much leverage the market is carrying.

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