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 Traders, as investors, and Thursday were cautiously optimistic after the hottest 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 (four p.m. ET). Slipping 0.13 % over the earlier twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes were much less than earlier in the week when traders scrambled to change positions as the market fell 15 % 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 only $4 billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was slightly above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday slightly from an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is rather quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to normal once the acute arrangement liquidations suffered a number of days ago. Near to $6 billion worth of night later contracts were liquidated. The current market has become trying to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders also are watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing concerns about the sharply growing 10-year U.S. Treasury yields. Several analysts in marketplaces that are regular have predicted that rising yields, often a precursor of inflation, may prompt the Federal Reserve to tighten monetary policy, which might send stocks lower.
Surging bond yields seemed to have much less of an effect on bitcoin’s selling 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 under $50,000 you can find players accumulating, thus bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Several market indicators suggest that traders as well as investors remain largely 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 choices market, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below one, meaning that there remain much 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 a lot of ether’s price action is really 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 will begin to check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty had 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe shut in the white 0.11 % after investors became worried about the rising bond yields in the U.S.
The S&P 500 in the United States closed 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 %.