Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset
Bitcoin Price Today was trading within a narrowed range on Traders, as investors, and Thursday had been cautiously optimistic after the latest 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 (four 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 were far lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in two 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 less than $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Tuesday and Monday and was somewhat above $5 billion on Wednesday.
In the derivatives market, bitcoin’s options open interest is slowly returning after it dropped Tuesday slightly from an all time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market is rather silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going again to regular once the acute contract liquidations suffered a few days before. Near to six dolars billion worth of night later contracts had been liquidated. The current market is now trying to consolidate above the $50,000 level.”
As FintechZoom noted 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 worries regarding the sharply growing 10 year U.S. Treasury yields. Several analysts in markets which are regular have predicted that rising yields, usually a precursor of inflation, might encourage the Federal Reserve to tighten monetary policy, which may 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 early trading hours, moving in the 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, said.
Several market symptoms suggest that traders as well as investors remain largely 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 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 below one, which means that there continue to be much more traders purchasing calls (bullish bets) than puts (bearish bets) despite the hottest 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 twenty four 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 market 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 really 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 look at the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk twenty were generally 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 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 red 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 had been spooked by the surging bond yields.
Petroleum was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % and also at $1771.46 as of press time.
The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.