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 were 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 (four 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 below its 10-hour and 50-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 adjust positions as the market fell fifteen % in 2 days, the biggest this kind of decline since the coronavirus-driven sell-off of March 2020. The 8 exchanges tracked by CoinDesk had a combined spot trading volume of under four dolars billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was slightly above $5 billion on Wednesday.
In the derivatives market, bitcoin’s opportunities open interest is slowly returning after it dropped Tuesday slightly from an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is quite silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back again to regular after the severe arrangement liquidations suffered a number of days before. Near to $6 billion worth of long future contracts had been liquidated. The market place has become seeking 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 fears about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets that are standard have predicted that rising yields, usually a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which may 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 initial 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 price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Many market indicators 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 positive about bitcoin’s long term value.
On the alternatives market, the put call open interest ratio, which measures the number of put options open relative to call options, remains below 1, and thus there remain more traders purchasing calls (bullish bets) than puts (bearish bets) despite 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was mostly quiet 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 most 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 continue to look at the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 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 standard (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe shut in the white 0.11 % after investors became worried about the growing 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.
Oil 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 %.