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 latest 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 (four p.m. ET). Slipping 0.13 % over the preceding 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 were much lower than earlier in the week when traders scrambled to modify 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 sector, bitcoin’s opportunities open interest is gradually 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 fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to ordinary after the acute agreement liquidations suffered a number of days ago. Close to six dolars billion worth of long future contracts had been liquidated. The market place has become attempting to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are also watching carefully for any possible 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 markets that are traditional have predicted that rising yields, usually a precursor of inflation, may induce the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have much less of an influence on bitcoin’s value on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes below $50,000 you can find players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market signals suggest that traders as well as investors remain mainly 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 positive about bitcoin’s long-term value.
On the choices market, 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 remain more traders buying calls (bullish bets) than puts (bearish bets) regardless of 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 market for ether was primarily 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 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 check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty were generally 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 standard (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe closed in the red 0.11 % after 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 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % and also at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.