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 (four p.m. ET). Slipping 0.13 % with the previous 24 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 technicians.
Trading volumes were far less than earlier in the week when traders scrambled to modify positions as the market fell fifteen % in two days, probably the biggest this sort of decline since the coronavirus driven sell-off of March 2020. The eight 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 Monday and Tuesday and was somewhat above five dolars billion on Wednesday.
In the derivatives industry, bitcoin’s options open interest is gradually returning after it dropped Tuesday somewhat out of an all-time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s market is quite quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back again to ordinary once the acute arrangement liquidations suffered a few days before. Near to six dolars billion worth of long future contracts had been liquidated. The market is currently trying to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders also are watching closely for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising concerns about the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces that are traditional have predicted that rising yields, often a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which might send out stocks lower.
Surging bond yields seemed to have much less of an impact 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 there are players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market symptoms suggest that traders as well as investors remain largely bullish after a volatile priced run earlier this week.
Huge 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 sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains below one, meaning that there are still much more traders buying calls (bullish bets) than puts (bearish bets) despite 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 industry for ether was mostly 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 a lot of ether’s price action is actually driven by bitcoin, as it is still stuck in the range that it’s had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco-based exchange OKCoin. “I would will begin to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty had been generally in green 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 traditional (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 concerned about the rising 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 % as well as at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.