Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset
Bitcoin Price Today was trading inside a narrowed range on Thursday, as investors and traders had been cautiously optimistic after the newest pullback, which took bitcoin’s 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 % over the previous 24 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 change positions as the market fell 15 % in two days, probably the biggest this kind of decline since the coronavirus driven sell-off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot-trading volume of under $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was slightly above five dolars billion on Wednesday.
In the derivatives market, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday slightly from an all-time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is rather quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to normal after the acute contract liquidations suffered a number of days ago. Near to $6 billion worth of long future contracts were liquidated. The market has become attempting to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders are likewise watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising fears regarding the sharply growing 10-year U.S. Treasury yields. Some analysts in markets that are standard have predicted that rising yields, typically a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which might send stocks lower.
Surging bond yields seemed to have less of an influence on bitcoin’s selling price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes below $50,000 there are players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Many market indicators suggest that traders and investors remain largely bullish after a volatile priced run earlier this week.
Huge outflows from institution-driven exchange Coinbase Pro to custody wallets imply that institutional investors are actually confident about bitcoin’s long term value.
On the choices sector, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under one, meaning that there are still more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the hottest sell-off.
Ether moves with bitcoin amid a peaceful sector Ether (ETH), the second-largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in 24 hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was mostly quiet 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 really 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 look at the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk twenty had been mostly in green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber networking (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum classic (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE hundred in Europe closed in the white 0.11 % following investors became concerned about the rising bond yields in the U.S.
The S&P 500 in the United States shut down 2.45 % as investors were spooked by the surging bond yields.
Oil was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % and at $1771.46 as of press time.
The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.