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 newest 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 (4 p.m. ET). Slipping 0.13 % over the preceding 24 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 much less than earlier in the week when traders scrambled to modify 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 8 exchanges tracked by CoinDesk had a combined spot trading volume of only $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Tuesday and Monday and was slightly above five dolars billion on Wednesday.
In the derivatives market, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday slightly out of an all-time peak of about thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market is fairly noiseless today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back to normal after the severe contract liquidations suffered a number of days before. Near to six dolars billion worth of night later contracts had been liquidated. The market has become seeking to consolidate above the $50,000 level.”
As FintechZoom claimed 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’ climbing fears about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are standard 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 effect on bitcoin’s selling price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes below $50,000 you will discover players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Several market symptoms suggest that traders as well as investors remain mostly bullish after a volatile price 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 market, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under 1, and thus there continue to be much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the latest sell-off.
Ether moves with bitcoin amid a quiet sector 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 industry for ether was largely silent on Thursday, mirroring the activity in the bitcoin market and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.
“It’s notable that most of ether’s price action is really 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 go on to read the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk twenty have been mostly in green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber networking (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 immediately.
The FTSE 100 in Europe shut in the red 0.11 % after investors became worried about the rising 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 %. Price 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 %.