In the past 24 hours, Bitcoin was up 3.93%, and Ethereum was up 4.51% to trade at $2,515. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained up to 6.91%.
Also Read | MF Tracker: HSBC Midcap Fund turns Rs 10,000 SIP to over Rs 2 crore, emerges 3-year topper with 24% returnBalaji Srihari, VP – Business, India, CoinSwitch said the broader trend remains positive, with BTC trading above its key moving averages. However, momentum is starting to look stretched, as daily RSI has moved above 73, while the hourly RSI is above 80, signalling overbought conditions. A short-term consolidation or pullback would therefore be healthy.
The global crypto market capitalisation went up 3.41% to $2.71 trillion, according to CoinMarketCap.
Vikram Subburaj, CEO of Giottus, said the rebound from $77,000 on September 3 shows how quickly sentiment can turn when interest-rate expectations change. The probability of a US rate increase in September fell to about 50% after Federal Reserve Governor Christopher Waller indicated that he could support leaving rates unchanged
He further said that investors should not interpret the 24% August recovery as a reason to chase Bitcoin with high leverage near $83,000. The stronger approach is to watch whether ETF inflows continue after September 4 and whether BTC can close above $83,300. In the past week, Bitcoin and Ethereum were up 1.67% and 0.91%, respectively. Among the major altcoins, BNB, XRP, Hyperliquid, and Cardano rallied up to 5.30%, whereas Solana, Tron, and Dogecoin corrected up to 3.37%.
Prateek Gupta, Head of Business, Mudrex, said Bitcoin rallied from around $77,200 to above $81,000 after Fed Governor Christopher Waller signalled support for holding rates at the upcoming FOMC meeting if inflation continues to ease. The shift pushed September rate-hike expectations down 12 percentage points to 54.6% and weakened the dollar, improving the appetite for risk assets.
Also Read |IEX shares rise 2% after electricity trading volume jumps 20% YoY to hit record high in August
Here is what other experts say
Nischal Shetty, Founder, WazirX: Bitcoin trades near $81,000 in a bullish daily structure, with RSI near 71 indicating elevated momentum. Immediate support sits at $79,700-$80,000, while $81,000-$81,500 forms resistance. Holding support could sustain buyer control; clearing resistance may strengthen momentum, while losing support would expose secondary support around $78,400-$78,850 during near-term consolidation.
Riya Sehgal, Research Analyst, Delta Exchange: The rally followed comments from Federal Reserve Governor Christopher Waller indicating that a September rate hike may not be necessary if inflation continues to moderate. The remarks eased some concerns over US monetary policy and supported a broader risk-on move across financial markets.
Avinash Shekhar, Co-Founder & CEO, Pi42: The broad-based recovery suggests buying interest has returned across major assets, supported in part by easing expectations of a September Fed rate hike. XRP’s relative outperformance is particularly notable as momentum extends beyond Bitcoin into large-cap altcoins.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)