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 were cautiously optimistic after the latest pullback, which took bitcoin’s value 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 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 technicians.
Trading volumes have been far less than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, probably 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 four dolars billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday 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 place is fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to ordinary after the severe contract liquidations suffered a few days before. Near to six dolars billion worth of long future contracts had been liquidated. The current market has become 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’ growing concerns regarding the sharply growing 10-year U.S. Treasury yields. Some analysts in regular markets have predicted that rising yields, typically a precursor of inflation, may appear to 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 value 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 below $50,000 you will discover players accumulating, thus bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market indicators suggest that traders as well as investors remain mostly 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 choices industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below 1, and thus there are still more traders purchasing calls (bullish bets) than puts (bearish bets) despite 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 24 hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was mostly silent 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 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 continue to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty were generally in natural 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 overnight.
The FTSE hundred in Europe shut in the white 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 red 1.84 % and also at $1771.46 as of press time.
The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.