Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset
Bitcoin Price Today was trading within a narrowed range on Thursday, as investors and traders were cautiously optimistic after the hottest pullback, which took bitcoin’s selling price down close to $45,000 earlier this week.
Bitcoin Price Today (BTC) trading around $49,194.33 as of 21:00 UTC (4 p.m. ET). Slipping 0.13 % with the prior twenty four hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes were far less than earlier in the week when traders scrambled to modify positions as the market fell 15 % in 2 days, the biggest such decline since the coronavirus-driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of under four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was slightly above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s options open interest is slowly returning after it dropped Tuesday somewhat out of an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is rather silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back again to ordinary after the acute agreement liquidations suffered a number of days before. Near to $6 billion worth of long later contracts were liquidated. The market place is currently trying to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders are also watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising concerns regarding the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces that are traditional have predicted that rising yields, often a precursor of inflation, may encourage the Federal Reserve to tighten monetary policy, which might send stocks lower.
Surging bond yields seemed to have less of an impact on bitcoin’s selling price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes under $50,000 there are players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Many market signals suggest that traders as well as investors remain mostly bullish after a volatile price run earlier this week.
Large outflows from institution-driven exchange Coinbase Pro to custody wallets imply that institutional investors are confident about bitcoin’s long-term value.
On the alternatives sector, the put-call open interest ratio, which measures the number of put options open relative to call options, remains under 1, which means that there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) despite the latest sell-off.
Ether moves with bitcoin amid a quiet market Ether (ETH), the second largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was primarily silent on Thursday, mirroring the activity at the bitcoin market and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.
“It’s notable that many of ether’s price action is actually driven by bitcoin, as it is still stuck in the range that it’s had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco-based exchange OKCoin. “I would continue to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty have been generally in natural Thursday. Important winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber network (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum standard (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe closed in the white 0.11 % after investors became worried about the rising bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors were spooked by the surging bond yields.
Petroleum was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % as well as at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.