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 Traders, as investors, and Thursday were cautiously optimistic after the hottest pullback, which took bitcoin’s 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 preceding 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 far lower than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in 2 days, the biggest this sort of decline since the coronavirus-driven sell off of March 2020. The eight 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 $10 billion on Monday and Tuesday 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 somewhat from an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is fairly silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back again to normal once the acute contract liquidations suffered a number of days before. Close to six dolars billion worth of long later contracts were liquidated. The market is now attempting to consolidate above the $50,000 level.”
As FintechZoom reported 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’ growing fears regarding the sharply growing 10 year U.S. Treasury yields. Some analysts in markets that are regular have predicted that rising yields, usually a precursor of inflation, may appear to prompt the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have much less of an effect on bitcoin’s price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the 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, said.
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 alternatives sector, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under one, which means that there are still much more traders buying 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 24 hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was primarily silent on Thursday, mirroring the activity at 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 has had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco based exchange OKCoin. “I would go on to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty were 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 standard (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 % following 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 had been 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 white 1.84 % and at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.