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 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 24 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 had been far lower than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in two days, probably 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 Monday and Tuesday and was somewhat above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday slightly out of an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is rather quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to ordinary once the serious arrangement liquidations suffered a number of days ago. Near to $6 billion worth of long later contracts were liquidated. The market place has become trying to consolidate above the $50,000 level.”
As FintechZoom claimed 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 fears about the sharply growing 10-year U.S. Treasury yields. Some analysts in marketplaces that are standard have predicted that rising yields, often a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which could send out stocks lower.
Surging bond yields seemed to have less of an impact on bitcoin’s selling price on Thursday. The No. one 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 will discover players accumulating, therefore bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Many 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 industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below 1, which means that there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) despite the hottest 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 24 hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was mostly silent on Thursday, mirroring the activity in the bitcoin market and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.
“It’s notable that the majority of ether’s price action is in fact 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 check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty have been generally in green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber network (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum classic (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 concerned 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 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % and at $1771.46 as of press time.
The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.