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 newest 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 previous 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 technicians.
Trading volumes have been much 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 8 exchanges tracked by CoinDesk had a combined spot trading volume of only $4 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 opportunities open interest is gradually returning after it dropped Tuesday somewhat from an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market is fairly quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back again to normal once the serious agreement liquidations suffered a number of days ago. Near to six dolars billion worth of night later contracts had been liquidated. The current market is now attempting to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing worries 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 appear to prompt the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have less of an influence on bitcoin’s 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, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Several market symptoms 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 actually confident about bitcoin’s long-term value.
On the options industry, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below one, which means that 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 market 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 largely 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 a lot of ether’s price action is in fact driven by bitcoin, as it’s still stuck in the range that it has had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco based exchange OKCoin. “I would go on to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty have been mostly in natural 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe closed in the red 0.11 % following investors became worried about the growing bond yields in the U.S.
The S&P 500 in the United States shut 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 % as well as at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.