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 newest 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 previous 24 hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-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 15 % in 2 days, 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 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 slightly out of an all-time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom
“Bitcoin’s market place is fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back to ordinary once the severe arrangement liquidations suffered a number of days ago. Near to six dolars billion worth of night later contracts had been liquidated. The market is now trying to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are likewise watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing worries about the sharply growing 10 year U.S. Treasury yields. Some analysts in markets which are traditional have predicted that rising yields, often a precursor of inflation, may appear to 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. 1 cryptocurrency briefly surpassed $52,000 during initial trading hours, moving in the exact opposite direction of equities.
“Every time bitcoin goes under $50,000 you will discover players accumulating, therefore bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Several market signals suggest that traders as well as investors remain mainly 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 positive about bitcoin’s long-term value.
On the choices market, the put call open interest ratio, which measures the amount of put options open relative to call options, remains under 1, and thus there remain more traders purchasing 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 twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was largely quiet on Thursday, mirroring the activity at the bitcoin industry 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 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 continue to read the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk twenty had been mostly in natural 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 closed in the red 0.11 % after investors became worried about the growing 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 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % and at $1771.46 as of press time.
The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.