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 were cautiously optimistic after the hottest pullback, which took bitcoin’s value 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 50-hour and 10-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes have been much lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, the biggest this sort of 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 $10 billion on Tuesday and Monday and was somewhat above five dolars billion on Wednesday.
In the derivatives market, bitcoin’s opportunities open interest is slowly returning after it dropped Tuesday somewhat out of an all-time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market is quite quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to ordinary after the severe agreement liquidations suffered a number of days before. Near to six dolars billion worth of long later contracts had been liquidated. The market is currently trying to consolidate above the $50,000 level.”
As FintechZoom claimed 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’ rising worries about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are traditional have predicted that rising yields, typically a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which could send out stocks lower.
Surging bond yields seemed to have much less of an effect 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 below $50,000 there are players accumulating, therefore bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market symptoms suggest that traders and 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 positive about bitcoin’s long term value.
On the options sector, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below one, and thus there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) despite the newest 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 quiet 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 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 go on to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 were mostly in natural 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 standard (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe shut in the white 0.11 % after investors became concerned about the growing 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 %. Price 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 %.