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 were 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 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 specialists.
Trading volumes had been far lower than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, probably the biggest such 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 slightly above five dolars billion on Wednesday.
In the derivatives industry, bitcoin’s opportunities open interest is slowly returning after it dropped Tuesday slightly out of an all-time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is quite noiseless today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back again to normal once the serious agreement liquidations suffered a few days ago. Close to $6 billion worth of long future contracts were liquidated. The market place is now seeking to consolidate above the $50,000 level.”
As FintechZoom claimed earlier, traders also are watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising worries about the sharply growing 10 year U.S. Treasury yields. Several analysts in regular markets have predicted that rising yields, usually a precursor of inflation, may induce the Federal Reserve to tighten monetary policy, which may send stocks lower.
Surging bond yields seemed to have less of an effect on bitcoin’s value 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 under $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.
Many market signals suggest that traders and investors remain largely 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 positive 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 under one, which means that there remain much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the hottest 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 primarily 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 most of ether’s price action is really driven by bitcoin, as it is 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 read the ETH/BTC pair.”
Other markets Digital assets on the CoinDesk 20 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 overnight.
The FTSE 100 in Europe closed in the white 0.11 % after 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 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 %.