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 had been cautiously optimistic after the latest 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 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 were much lower than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in 2 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 less than four dolars 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 sector, 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 place is fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going again to ordinary once the serious contract liquidations suffered a number of days before. Close to six dolars billion worth of long future contracts were liquidated. The current market has become attempting to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders are likewise watching carefully for any potential 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. Several analysts in markets which are regular have predicted that rising yields, typically a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which may send out stocks lower.
Surging bond yields seemed to have much less of an influence on bitcoin’s value 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 below $50,000 you can find players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Many market signals suggest that traders as well as investors remain mainly 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 choices industry, the put call open interest ratio, which measures the number of put options open relative to call options, remains below 1, which means that there continue to be much more traders purchasing 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 24 hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was primarily 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 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 check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 had been mostly 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 immediately.
The FTSE 100 in Europe shut in the white 0.11 % following investors became worried about the increasing 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.
Oil was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 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 %.