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 selling 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 % over the prior 24 hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes have been far lower than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in 2 days, probably the biggest this sort 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 four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was slightly above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s options open interest is gradually returning after it dropped Tuesday slightly from an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is rather noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back to regular once the severe arrangement liquidations suffered a number of days before. Near to six dolars billion worth of long later contracts were liquidated. The market is currently seeking to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are also watching closely for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising fears regarding the sharply growing 10 year U.S. Treasury yields. Some analysts in standard markets have predicted that rising yields, often a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which might send stocks lower.
Surging bond yields seemed to have much less of an influence on bitcoin’s price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the exact 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, believed.
Several 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 industry, the put-call open interest ratio, which measures the number of put options open relative to call options, remains below 1, and thus there continue to be much more traders buying calls (bullish bets) than puts (bearish bets) despite 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was primarily silent on Thursday, mirroring the activity at the bitcoin industry 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’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 check out the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty had been mostly in green Thursday. Important 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 100 in Europe shut in the red 0.11 % after investors became worried about the increasing 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 %. 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 %.