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 had been cautiously optimistic after the hottest 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 far lower than earlier in the week when traders scrambled to change positions as the market fell 15 % in two 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 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 market, bitcoin’s options open interest is gradually returning after it dropped Tuesday slightly out of an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is rather quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to normal after the serious agreement liquidations suffered a few days before. Close to six dolars billion worth of long future contracts had been liquidated. The market is currently attempting to consolidate above the $50,000 level.”
As FintechZoom noted earlier, traders also are watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears about the sharply growing 10-year U.S. Treasury yields. Some analysts in markets which are regular have predicted that rising yields, often a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which might send out stocks lower.
Surging bond yields seemed to have less of an impact on bitcoin’s selling price on Thursday. The No. one 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 can find players accumulating, thus bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.
Many market symptoms suggest that traders and 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 confident about bitcoin’s long-term value.
On the choices sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains below 1, meaning that there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the newest sell-off.
Ether moves with bitcoin amid a quiet 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 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 many 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 20 had been generally in green Thursday. Important 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 classic (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 white 0.11 % following 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 had been 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 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 %.