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

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.

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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.

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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)