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 Traders, as investors, and Thursday were cautiously optimistic after the latest 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 earlier 24 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 much lower than earlier in the week when traders scrambled to change positions as the market fell 15 % in two 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 slightly above five dolars billion on Wednesday.
In the derivatives sector, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat from 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 payment platform Wirex, said. “Its derivatives market is actually going back to ordinary once the severe contract liquidations suffered a number of days ago. Close to six dolars billion worth of long future contracts had been liquidated. The market place has become attempting to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders are likewise watching carefully for any potential 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. Several analysts in marketplaces which are standard have predicted that rising yields, often a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which could send stocks lower.
Surging bond yields seemed to have less of an influence on bitcoin’s selling 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 below $50,000 you can find players accumulating, therefore bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Many market signals 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 options industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below one, and thus there remain much more traders purchasing calls (bullish bets) than puts (bearish bets) despite the newest 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The market for ether was primarily 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 many 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 go on to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 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 classic (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 % after 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 %.