Bitcoin (BTC) experienced a sharp pullback from $79,500, with analyst Michaël van de Poppe targeting entries below $74,200 for scalps and $71,100 for longer setups amid high volatility.
However, President Donald J. Trump’s scheduled speech today adds another layer of market-moving uncertainty, often tying violent BTC rallies to USD weakness and shifts in the rupee, ultimately shaping profits measured in INR.
Bitcoin continues to demonstrate underlying strength, trading near $77,400 after falling from its recent high. The broader crypto market has seen major liquidations and sharp retracements, leaving short-term momentum traders on guard as participants weigh the sustainability of the rally.
The analyst projects possible scalp entries appearing below $74,200, and the next ideal longer-term zone at around $71,100, with higher timeframe resistance at $83,000 and the 50-Week MA at $81,500.
Bitcoin’s recent move comes ahead of U.S. President Donald Trump’s scheduled August 22 appearance, listed as “President Trump Speaks,” an event traders watch for potential policy signals that can influence the dollar and crypto markets.
For Indian Bitcoin holders, the key connection is between Bitcoin, the U.S. dollar, and the Indian rupee. Bitcoin’s INR value is effectively determined by the BTC/USD price multiplied by the USD/INR exchange rate. A rally in BTC combined with a decline in the rupee against the dollar can amplify the returns of Bitcoin in rupee terms. But if the dollar depreciates and the rupee appreciates, a portion of the gains of Bitcoin in dollar terms may be lost once converted into rupees.
This makes USD/INR an important variable alongside Bitcoin’s price action. For Indian investors, returns will depend on how both BTC/USD and the rupee move in response to broader macro signals around the August 22 event. A stronger dollar can amplify Bitcoin gains in rupee terms, while a weaker dollar may reduce those gains even if BTC remains firm.
