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 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 (4 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 beneath its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes had been much lower than earlier in the week when traders scrambled to change positions as the market fell 15 % in two 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 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 slowly returning after it dropped Tuesday slightly out of an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is fairly quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going again to normal after the serious arrangement liquidations suffered a number of days ago. Close to $6 billion worth of night later contracts were liquidated. The market is now 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’ rising worries about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are standard have predicted that rising yields, usually a precursor of inflation, might induce 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 price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the 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 as well as investors remain mostly 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 actually positive about bitcoin’s long term value.
On the options sector, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under 1, and thus there remain more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest sell off.
Ether moves with bitcoin amid a peaceful market 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 in the bitcoin niche 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 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 go on to read the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk twenty have been generally in natural 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe shut in the red 0.11 % following investors became concerned 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 %. 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 %.