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 had been 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 (4 p.m. ET). Slipping 0.13 % over the previous twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market technicians.
Trading volumes had been far less 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 less than four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was somewhat above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat out of an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is fairly noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back to regular once the serious arrangement liquidations suffered a few days before. Close to six dolars billion worth of long future contracts had been liquidated. The market place is now attempting to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching closely for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising concerns about the sharply growing 10 year U.S. Treasury yields. Several analysts in marketplaces that are standard have predicted that rising yields, usually a precursor of inflation, might encourage 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. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the 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, said.
Many market indicators suggest that traders as well as investors remain largely 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 confident 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 below 1, meaning that there remain more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the hottest sell-off.
Ether moves with bitcoin amid a peaceful 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 mostly 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 a lot 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.”
Different markets Digital assets on the CoinDesk twenty had been generally in natural 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 traditional (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 % following investors became concerned 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 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 %.