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 Traders, as investors, and Thursday were cautiously optimistic after the latest 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 % over the preceding 24 hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes have been far lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 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 less than four dolars billion on Thursday as of press time. The figure had surged above ten dolars billion on Tuesday and Monday and was slightly above $5 billion on Wednesday.
In the derivatives market, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday slightly from an all-time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back again to regular after the severe contract liquidations suffered a number of days ago. Close to $6 billion worth of night future contracts were liquidated. The market place is now trying to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing concerns about the sharply growing 10-year U.S. Treasury yields. Several analysts in marketplaces which are traditional have predicted that rising yields, typically a precursor of inflation, may encourage the Federal Reserve to tighten monetary policy, which may send out stocks lower.
Surging bond yields seemed to have much less of an impact on bitcoin’s price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes below $50,000 you will discover players accumulating, thus bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market indicators suggest that traders and investors remain mostly 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 positive about bitcoin’s long-term value.
On the choices industry, the put call open interest ratio, which measures the number of put options open relative to call options, remains under one, which means that there continue to be more traders buying calls (bullish bets) than puts (bearish bets) regardless of the hottest sell off.
Ether moves with bitcoin amid a peaceful 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 largely silent on Thursday, mirroring the activity at the bitcoin niche and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.
“It’s notable that a lot 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 network (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 overnight.
The FTSE hundred in Europe closed in the red 0.11 % following investors became worried about the increasing bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors had been 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 % and also at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.