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 newest 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 % with the prior 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 specialists.
Trading volumes had been much less than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in two days, the biggest such decline since the coronavirus-driven sell off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of under $4 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 industry, bitcoin’s options open interest is slowly returning after it dropped Tuesday slightly from an all time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market is quite quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to regular once the severe arrangement liquidations suffered a few days ago. Near to six dolars billion worth of long future contracts had been liquidated. The market place is currently seeking to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders are likewise watching closely for any possible 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 traditional have predicted that rising yields, usually a precursor of inflation, may prompt the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have much less of an impact on bitcoin’s value 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 there are players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market indicators suggest that traders and investors remain mainly bullish after a volatile priced run earlier this week.
Huge 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 industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below 1, meaning that there are still more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the newest 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was largely 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 actually 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 will begin to look at the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 were 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 traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE hundred in Europe shut in the red 0.11 % after 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 had been 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 red 1.84 % and at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.