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 had been 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 % with the earlier twenty four 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 15 % in 2 days, probably the biggest this sort of decline since the coronavirus-driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot-trading volume of only four dolars billion on Thursday as of press time. The figure had surged above ten dolars billion on Tuesday and Monday and was somewhat above five dolars billion on Wednesday.
In the derivatives sector, 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 is rather quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back again to regular once the severe arrangement liquidations suffered a few days ago. Near to six dolars billion worth of night later contracts were liquidated. The market is now attempting to consolidate above the $50,000 level.”
As FintechZoom reported 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 worries regarding the sharply growing 10 year U.S. Treasury yields. Several analysts in markets which are standard have predicted that rising yields, usually a precursor of inflation, may appear to 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 early trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes under $50,000 you will discover players accumulating, therefore 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.
Large 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 number of put options open relative to call options, remains below 1, and thus there are still much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest sell off.
Ether moves with bitcoin amid a quiet sector 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 industry for ether was mostly silent on Thursday, mirroring the activity at the bitcoin industry 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 in fact driven by bitcoin, as it’s 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 go on to check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty have been mostly in green Thursday. Important 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 increasing 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.
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 %.